Thursday, November 5, 2015

Former VimpleCom CEO Arrested in Norway

Jo Lunder, the former CEO of VimpleCom, was arrested in Oslo, Norway as part of an investigation into the company's business practices in Uzbekistan.

The United States Securities and Exchange Commission and Dutch authorities have previously alleged that VimpelCom paid millions of dollars in bribes to a company controlled by the daughter of the president of Uzbekistan.

Earlier this week, VimpelCom announced that it had reserved $900 million for litigation costs in connection with the U.S. and Dutch investigations.

Separately, a law firm in Delaware filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the securities of VimpelCom between June 30, 2011 and November 2, 2015.