Three former Telia executives are charged with corruption.
Three former Telia executives are charged with corruption. Credit: Fredrik Sandberg, Erik Simander/TT

Telia to pay billions in corruption fine

President and CEO: We admit that the company made corrupt payments.
1:13 min

The Stockholm-based telecom company Telia will pay $965M (approximately SEK 8 billion) in fines to settle a corruption case in which the firm paid bribes between 2007 and 2010 to government officials in Uzbekistan.

The bribery case was brought forward by American and Dutch authorities.

Swedish prosecutors also announced on Friday that criminal charges will be brought against three former Telia Sonera executives, including the former CEO Lar Nyberg, for corruption and bribery in Uzbekistan.

Telia and its subsidiary, Coscom LLC, have admitted to making illegal payments of SEK 2.6 billion to various Uzbek government officials to win business contracts in the country.

"Today’s settlement brings an end to an unfortunate chapter in Telia Company’s history," President and CEO Johan Dennelind wrote in a press release. "We have come a long way to establish a more sustainable company with a strong focus on governance and compliance but it is a never-ending journey as we aspire to embed this into our culture making sure that all employees understand the importance of doing the right thing all the time. The resolution and related financial sanction that we announce today is a painful reminder of what happens if we don't."

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