Corruption

Report: VimpelCom Russia chief, other execs named in bribe probe

A huge bribery case is unfolding in Russia. Two executives from a company belonging to billionaire Viktor Vekselberg were detained by anti-bribery investigators in a probe involving the former governor of the Komi Republic and T Plus, an electricity generator operating in the region. The execs allegedly paid $12.3 million in bribes to officials in Russia’s Komi region for advantageous heating and electricity tariffs. Renova Group Managing Director Evgeny Olkhovik and T Plus head Boris Vainzikher, who were executives of the utility’s predecessor KES Holding, were detained.

In connection with the same case, Mikhail Slobodin, a former manager at KES who until yesterday was the chief executive of VimpelCom Russia, is also wanted for questioning. He resigned when the accusations were made public. Slobodin told Bloomberg he is currently on a business trip outside of Russia.

Earlier this year, VimpelCom paid $397.6 million to the DOJ and SEC for paying more than $114 million in bribes to a government official in Uzbekistan between 2006 and 2012.