In addition, VimpelCom acknowledged that it had falsified its books and records and attempted to conceal and conceal the bribery scheme by classifying payments as participation, advisory and refusal agreements and resale transactions. VimpelCom also failed to implement and impose appropriate internal accounting controls that allowed bribe payments to be made without detection or remediation. In addition, when the Board of Directors sought legal advice from the FCPA to assess the risks of transaction-related corruption, VimpelCom management retained important information from external lawyers who conducted the audit and limited the scope of FCPA`s notices and rendered them worthless. Instead of implementing and imposing a strong anti-corruption ethic, some VimpelCom executives have sought ways to give the company a plausible denial of illegality, while knowingly continuing with corrupt business transactions. This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934 as amended. Forward-looking statements are not historical facts and are, by their nature, subject to risks and uncertainties, many of which are not able to accurately predict and some of which VEON cannot even predict, including the anticipated rejection of fees deferred by the data protection authority. Forward-looking statements contained in this press release relate only to the date of this publication. VEON undertakes no commitment to publicly update any forward-looking statements that reflect the events or circumstances arising from this data or the occurrence of unforeseen events, except as required by U.S. securities law. VimpelCom has entered into a deferred order agreement in connection with a criminal investigation accusing the company of conspiracy to violate the FCPA`s anti-corruption and accounts and registration provisions, as well as a separate indictment for violating FCPA`s internal control rules.
In accordance with its agreement with the Department, VimpelCom agreed to pay a total fine of $230,326,398.40 in the United States, including $40 million in forfeiture. VimpelCom has also agreed to conduct rigorous internal controls, maintain a compliance monitor for a period of three years and cooperate fully with the department`s ongoing investigation, including the investigation of individuals. VimpelCom agreed, in a deferred lawsuit agreement, to maintain an independent corporate monitor for at least three years. He also agreed to introduce “strict internal controls.” and cooperate fully with the Division`s ongoing investigations, including its investigation of individuals,” the DOJ said. VimpelCom admitted that it falsified its books and recordings and tried to conceal the bribes. It covered the payments as participation, consulting and subcontracting operations. With the results of the DPA, the U.S. Department of Justice filed an application to dismiss the DPA charges in the Southern District Court of New York.