VimpelCom has reached a financial settlement with authorities in the US and the Netherlands for corrupt dealings at its business in Uzbekistan.

The operator admitted to violating the US Foreign Corrupt Practices Act and laws in the Netherlands earlier this week.

The $795 million fine is less than the $900 million it set aside for the settlements last November.

VimpelCom has agreed to a deferred prosecution agreement with the US Department of Justice, a consent agreement with the US Securities and Exchange Commission, and a settlement agreement with the Dutch Public Prosecution Service.

In addition, VimpelCom’s subsidiary in Uzbekistan, Unitel, has entered a guilty plea with the DOJ.

VimpelCom has also agreed to oversight by an independent compliance monitor.

Jean-Yves Charlier (pictured), Chief Executive Officer of VimpelCom, said: “Resolving this has been a top priority for VimpelCom.

“While this has been a very challenging experience for our business and our employees, we are pleased to have now reached settlements with the authorities.

“The wrongdoing, which we deeply regret, is unacceptable.

“We have taken, and will continue to take, strong measures to embed a culture of integrity across the group.

“We have significantly strengthened our internal controls and compliance program.

“Since the launch of the investigation, VimpelCom has appointed a new Chief Executive Officer, Chief Financial Officer, Group General Counsel, Chief Performance Officer and Group Chief Compliance Officer to drive the necessary change forward.”

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