Hungary’s Magyar Telekom Nyrt. said Monday it increased by more than 40% its reserve for settling a bribery probe with U.S. authorities.
More on WSJ Online, Corruption Currents
Magyar Telekom is Global Compact participant since 2009/05/06. Magyar Telekom is majority owned by Deutsche Telekom, one of the Global Compact founding fathers.
Excerpt from the S.E.C. filing (FORM 6-K):
"On June 24, 2011, Magyar Telekom announced that its Board of Directors had approved an agreement in principle with the staff of the SEC to resolve the SEC’s investigation relating to the Company through a settlement. Pursuant to the agreement in principle, the Company, without admitting or denying the allegations against it, would consent to a U.S. court order permanently enjoining it from any future FCPA violations and pay disgorgement and a conditional civil penalty. (...)"
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