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ING criminal probe touching on VimpelCom/Uzbek transactions

Mar. 22, 2017 2:14 PM ETING Groep N.V. (ING) StockVEON, INGBy: Jason Aycock, SA News Editor
  • A probe into the Netherlands' ING Groep (NYSE:ING) that could result in "significant" fines for the financial services company is touching on VimpelCom's (VIP -1.4%) scandal over Uzbekistan.
  • The corruption investigation is tackling past "irregular transactions" between the telecom and Uzbek officials, transactions that led to a multinational probe of VimpelCom -- which agreed to a settlement of $795M with officials in the U.S. and the Netherlands.
  • The bank is "suspected of having enabled international corruption and money laundering," Dutch prosecutors say.
  • ING is off lows but still down 3.4%.

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