(RTTNews) – Swedish telecom company Telia Co. AB (0H6X.L, TLSNY.PK) and its Uzbek subsidiary, Coscom LLC, entered into a global foreign bribery resolution and agreed to pay a combined total penalty of more than $965 million to resolve charges arising out of a scheme to pay bribes in Uzbekistan.
The global settlement was announced Thursday between Telia and US authorities, as well as Dutch and Swedish law enforcement. Telia agreed to enter a three-year deferred prosecution agreement with the Justice Department, while Coscom pleaded guilty to one count of conspiring to violate the FCPA.
The U.S. and Dutch authorities conclude that Telia Company’s conduct was in violation of the FCPA (Foreign Corrupt Practices Act) and Dutch legislation and that corrupt payments of approximately $330 million were made by the company.
Telia’s agreement with prosecutors requires a payment of $548.6 million to the Justice Department and about $417 million in disgorgement to the U.S. Securities and Exchange Commission, according to Justice Department statement.
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