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Hellenic Telecom to Investigate Allegations of Improper Payments

Hellenic Telecommunications Organization SA, Greece’s biggest phone company, has begun an internal investigation on allegations that between 2003 and 2006 individuals connected to the company received improper payments from U.S.-based Comverse Technology Inc.

Hellenic Telecom “will take all necessary actions in order to safeguard the interests of the group,” the Athens-based company said in an e-mailed statement today. “Management has immediately instructed the relevant departments of the group to fully investigate the issue.”

Comverse agreed to pay $2.8 million in settlements with the U.S. Securities and Exchange Commission and the U.S. Justice Department on April 7 for violations of the Foreign Corrupt Practices Act. The violations arose from $536,000 in improper payments to individuals connected to Hellenic Telecom, the U.S. Justice Department said.

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