Telia Company Reaches Global Settlement with U.S. and Dutch Authorities in Connection with International Corruption Investigation

Cravath Leads FCPA Resolution with DOJ and SEC; Coordinates with International Counsel Team to Conclude Investigations Worldwide

On September 21, 2017, Cravath client Telia Company announced that it reached a global settlement with the U.S. Department of Justice, Securities and Exchange Commission and the Dutch Public Prosecution Service, relating to compliance with anti‑corruption and anti‑money laundering laws in connection with historical transactions in Eurasia. Cravath was lead U.S. counsel to Telia Company and its subsidiaries through a three‑and‑a‑half‑year multinational investigation, working closely with Dutch, Swedish and other U.S. and international counsel to achieve a coordinated global resolution in which Telia Company agreed to a total financial sanction of $965 million for FCPA violations in Uzbekistan. The resolution does not require the Company to retain a compliance monitor, implement changes to its compliance program, or periodically self‑report on its compliance program to the DOJ or SEC. The DOJ granted the Company maximum credit for cooperation and remediation. The DOJ has closed its investigations into the Company’s operations in other countries, and the global resolution brings an end to all known corruption‑related investigations or inquiries into Telia Company.

The Cravath team was led by partners Rachel G. Skaistis and David M. Stuart and included associates Jenny X. Zhang, Kyle S. Gazis, Christina N. Barreiro and Matthias Thompson.