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MTS reserves $849M in FCPA case

Jaclyn Jaeger | December 3, 2018

Russian telecommunications company MTS has set aside 55.8 billion rubles (U.S. $849 million) to resolve a U.S. investigation concerning potential violations of the U.S. Foreign Corrupt Practices Act.

In its third quarter 2018 financial statements, MTS said it reserved RUB 55.8 billion as the potential liability with respect to the investigation being conducted by the U.S. Securities and Exchange Commission and the U.S. Department of Justice “in relation to its former operations in Uzbekistan.” The securities filing was first found in FCPA Tracker.

“MTS continues to cooperate with the U.S. authorities in the ongoing investigation,” the company stated. “There can be no assurance as to the form, timing, or terms of any resolution to the investigation.”

MTS first reported in March 2014 in a...

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