Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

VimpelCom to Pay $17M Bill

LONDON -- VimpelCom, the country's second-largest mobile phone company by subscribers, said it will pay an additional $17.1 million in taxes and penalties for 2002, less than tax authorities previously demanded.

The company will pay $12.4 million in tax plus $4.7 million in fines and penalties, the Moscow-based company said in a PR Newswire statement Friday. The final amounts are less than the $14.7 million in taxes and $6.2 million in fines previously assessed by tax inspectors, the company said.

VimpelCom said its still considering whether to appeal some or all of the provisions of the tax authority's decision for 2002. The company previously won a reduction in back taxes and fines for 2001 that lowered its bill for that year to $17.7 million from an original claim for $157 million.

VimpelCom still faces a potential liability from its Kazakhstan unit KaR-Tel, which was formerly owned by Turkey's Uzan family.

The Turkish government, which is seeking to recover $6 billion of losses from the collapse of an Uzan-owned bank, said last month it sent letters to more than 200 former Uzan units saying they are collectively responsible for the debt.