MTS to defend itself against investor lawsuit over Uzbekistan

25 Mar 2019

Russia’s Mobile TeleSystems (MTS) says it will defend its interests after a collective lawsuit was filed against the company in the US by investors accusing it of illegal actions in Uzbekistan, TASS reports. MTS’ statement via the US Securities and Exchange Commission (SEC) said that ‘a proposed class action complaint … has been filed in the United States District Court for the Eastern District of New York against the Company and certain of its managers alleging certain securities law violations relating to the Company’s recently announced resolution of US government investigations. It is possible that additional similar complaints will be filed. The Company is reviewing the allegations and intends to defend its interests.’

Earlier this month MTS reached a final resolution with the SEC and the US Department of Justice (DoJ) in which it agreed to pay a USD850 million penalty related to investigations into the group’s former operations in Uzbekistan.

Russia, Uzbekistan, Mobile TeleSystems (MTS)