VimpelCom makes $900 mn provision as part of investigations

Telecom network operator VimpelCom on Tuesday said it made $900 million provision in connection with ongoing investigations relating primarily to its business in Uzbekistan and dealings with Takilant.

The U.S. Securities and Exchange Commission (SEC), the U.S. Department of Justice (DOJ), and the Dutch Public Prosecution Service are conducting investigations.

“Based on its ongoing assessment of the investigation during the third quarter of 2015, VimpelCom will make a provision of $900 million in its third quarter financial statements,” said VimpelCom in a statement.

The discussions with the authorities are ongoing and, until concluded, there can be no certainty as to the final cost to the company of any such resolution or the nature, likelihood or timing of a definitive resolution.

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