Magyar Telekom Settles SEC's FCPA Probe

Law360, New York (June 27, 2011, 2:03 PM EDT) -- Hungary’s Magyar Telekom PLC said Friday it has agreed to settle a U.S. Securities and Exchange Commission probe into whether two of its affiliates made contract-related payments of more than €31 million ($44 million) in violation of the Foreign Corrupt Practices Act.

The telecommunications giant said its board of directors has approved an agreement in principle with the agency to resolve the investigation, which the SEC launched after Magyar notified it of its own internal probe examining whether the company or its affiliates in Montenegro and...
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