Magyar Telekom To Shell Out $36M Over FCPA Violations

Law360, New York (January 3, 2012, 10:15 PM EST) -- Magyar Telekom PLC on Tuesday agreed to pay $36 million to resolve the U.S. Securities and Exchange Commission’s suit claiming the Hungarian telecommunications company violated the Foreign Corrupt Practices Act by paying off Macedonian government officials to keep competitors out of the market.

U.S. District Judge Colleen McMahon issued final judgment in the SEC’s suit against Magyar and its parent company Deutsche Telekom AG, ordering Magyar to pay disgorgement of $25 million, prejudgment interest of $5.9 million and a civil penalty of $5 million. Deutsche Telekom...
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