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Righting a wrong: Compliance lessons from Telia

Jaclyn Jaeger | October 3, 2017

If compliance officers learn just one lesson from Telia Company following its recent $956 million global bribery settlement, it’s this: Acceptance is the first step to recovery.

As any compliance officer whose company has ever been entangled in a bribery and corruption investigation already knows, most resolutions with authorities begin years before they end. Telia is no exception. Long before the Sweden-based telecommunications company reached a global settlement with U.S. and Dutch authorities and agreed to any financial sanctions, it had already begun its long journey on the road to recovery.

The wrongdoing at issue started in 2007 and continued until at least 2010, over which period senior managers at Telia paid bribes to a government official in Uzbekistan—the daughter of the late Uzbek President Islam Karimov—in exchange for entering the country’s telecommunications market. Telia carried out this scheme by acquiring an existing Uzbek telephone operator, Coscom,... To get the full story, subscribe now.