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2022-03-02 06:18
The US judiciary deals a blow to a giant Swedish company accused of a corruption case in Iraq
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2022-03-02 06:18
Shafaq News/ The Ericsson Group announced, on Wednesday, that the American judiciary considered the information handed over by the group to it in a possible corruption file in Iraq, including suspicions of paying bribes to ISIS, "insufficient."
The share of the group, ranked second in the world in the field of communications devices, which was already damaged by this file in recent weeks, fell by more than 10% in the first exchanges on the Stockholm Stock Exchange, according to "AFP".
The case came to the fore last month, before the publication of an extensive press investigation coordinated by the International Consortium of Investigative Journalism that was revealed on Sunday.
He disclosed an unpublished internal Ericsson investigation, citing suspicions of possible corruption over the years in the organization's activities in Iraq, including suspicious payments for ground transportation in areas controlled by the Islamic State.
Between 2011-2019, the group's monitors identified "serious violations of the group's compliance rules and business ethics," as Ericsson acknowledged in mid-February, expecting the investigation published Sunday by nearly thirty media outlets around the world.
In December 2019, Ericsson paid $1 billion to a US court to close a corruption case in five countries as part of a "deferred prosecution agreement".
And the Stockholm-based group revealed last month that it had handed over its internal investigation on Iraq to the American judiciary at the time.
But "the Ministry of Justice informed Ericsson on Tuesday, March 1, that the information provided by the company regarding its internal investigation into Iraq between 2011 and 2019 was insufficient," according to a statement issued by the Swedish giant.
In addition, the US Department found that the company had “violated the settlement agreement” by its lack of transparency in the investigations since its completion in late 2019.
Ericsson said it was "in contact with the Department of Justice" about the file and considers it "at this point too early to predict its outcome."
Since the first information in this case was revealed, Ericsson's stock has lost nearly a third of its value.
[You must be registered and logged in to see this link.]
The share of the group, ranked second in the world in the field of communications devices, which was already damaged by this file in recent weeks, fell by more than 10% in the first exchanges on the Stockholm Stock Exchange, according to "AFP".
The case came to the fore last month, before the publication of an extensive press investigation coordinated by the International Consortium of Investigative Journalism that was revealed on Sunday.
He disclosed an unpublished internal Ericsson investigation, citing suspicions of possible corruption over the years in the organization's activities in Iraq, including suspicious payments for ground transportation in areas controlled by the Islamic State.
Between 2011-2019, the group's monitors identified "serious violations of the group's compliance rules and business ethics," as Ericsson acknowledged in mid-February, expecting the investigation published Sunday by nearly thirty media outlets around the world.
In December 2019, Ericsson paid $1 billion to a US court to close a corruption case in five countries as part of a "deferred prosecution agreement".
And the Stockholm-based group revealed last month that it had handed over its internal investigation on Iraq to the American judiciary at the time.
But "the Ministry of Justice informed Ericsson on Tuesday, March 1, that the information provided by the company regarding its internal investigation into Iraq between 2011 and 2019 was insufficient," according to a statement issued by the Swedish giant.
In addition, the US Department found that the company had “violated the settlement agreement” by its lack of transparency in the investigations since its completion in late 2019.
Ericsson said it was "in contact with the Department of Justice" about the file and considers it "at this point too early to predict its outcome."
Since the first information in this case was revealed, Ericsson's stock has lost nearly a third of its value.
[You must be registered and logged in to see this link.]
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