SEC Narrows FCPA Case Against Former Magyar Execs

By Max Stendahl (July 18, 2014, 5:19 PM EDT) -- The U.S. Securities and Exchange Commission has slimmed down its Foreign Corrupt Practices Act case against three former Magyar Telekom PLC executives, dropping claims they bribed government officials in Montenegro, according to a new complaint filed in New York federal court Thursday.

The amended complaint alleged former Magyar CEO Elek Straub and two other former executives, Andras Balogh and Tamas Morvai, authorized bribe payments to government officials in the Republic of Macedonia in exchange for regulations designed to hurt a competitor. The SEC, in its initial complaint in December 2011, had also alleged the defendants engaged in a second bribery scheme...

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