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[size=36]Ericsson is again in front of the US judiciary, against the background of corruption cases in Iraq[/size]
political| 05:05 - 02/03/2022
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Baghdad- Mawazine News
: The Swedish telecom giant Ericsson announced on Wednesday that it is being targeted again by the US judiciary, after it was previously forced to publicly acknowledge possible acts of corruption in Iraq, including bribes suspected of ending up in the hands of members of the terrorist organization ISIS.
The share of the group ranked second in the world in the field of communications equipment, which was already damaged by this file in recent weeks, fell by more than 11% in exchanges on the Stockholm Stock Exchange this morning.
The case came to the fore last month, before the publication of an extensive journalistic investigation coordinated by the International Consortium of Investigative Journalism, which was revealed on Sunday.
This investigation forced Ericsson to publish summaries of an internal investigation into possible acts of corruption over the years related to the group's Iraqi activities.
These actions include the company's suspicion of paying money for land transportation operations in areas controlled by ISIS, and it is believed that it ended up in the pockets of terrorists.
The group's monitors identified "serious violations of the group's legal compliance rules and work ethics" between 2011 and 2019, as acknowledged by Ericsson in mid-February, anticipating the International Federation's investigation, which was published in about 30 media platforms on Sunday.
The company said that the investigation did not reveal the "direct involvement" of any employee "in the financing of terrorist groups."
ISIS controlled vast areas in northern Iraq and neighboring Syria in 2014, seizing all the joints of life and sectors in those areas, before being defeated in 2017.
In December 2019, Ericsson paid $1 billion to the US judiciary to close prosecutions in corruption cases in five other countries (Egypt, China, Vietnam, Indonesia, and Kuwait), as part of a deal known as the "Delayed Public Prosecution Agreement".
The company said last month that it had previously handed over its internal investigation into Iraq to the US judiciary as part of old investigations.
But the US Department of Justice told Ericsson on Tuesday that the information transferred to it was "insufficient".
In addition, the US Department of State found that the company had “violated the settlement agreement” by its lack of transparency in the investigations since its completion in late 2019.
Ericsson stated that it “is in contact with the Department of Justice” about the file and considers that “at this point it is too early to predict its outcome.” .
During an urgently called conference call, the CEO of the roughly 100,000-employee group declined to give an assessment of the company's financial risks.
“We take all of this very seriously,” Director Borgy Ekholm said, adding that the company was making a "cultural" anti-corruption effort.
Since the company's first announcement regarding this file, its share has lost about a third of its value.
In 2017, Ericsson launched a plan that revived the company, after it recorded a decline since 2010 in front of the rise of the Chinese company Huawei, which robbed it of the position of the first telecom equipment company in the world.
The company is currently engaged in a difficult battle with "Huawei" and the Finnish company "Nokia" to build networks of the fifth generation Internet line in the world, against the backdrop of geopolitical tension between the United States and China related to the issue of the fifth generation and its sensitive equipment.
This sector is one of the few technological sectors in the world that is not dominated by the United States since the French "Alcatel" bought the American company "Lucent", and before "Alcatel" itself became in the hands of "Nokia" in 2016.
This is not the first corruption case linked to Terrorist groups appear to the public. In September of last year, the French judiciary accused a former Jordanian employee at the factory of the French "Lafarge SA" group, a leading French manufacturer in the building materials industry, of "financing terrorism" in Syria.
: The Swedish telecom giant Ericsson announced on Wednesday that it is being targeted again by the US judiciary, after it was previously forced to publicly acknowledge possible acts of corruption in Iraq, including bribes suspected of ending up in the hands of members of the terrorist organization ISIS.
The share of the group ranked second in the world in the field of communications equipment, which was already damaged by this file in recent weeks, fell by more than 11% in exchanges on the Stockholm Stock Exchange this morning.
The case came to the fore last month, before the publication of an extensive journalistic investigation coordinated by the International Consortium of Investigative Journalism, which was revealed on Sunday.
This investigation forced Ericsson to publish summaries of an internal investigation into possible acts of corruption over the years related to the group's Iraqi activities.
These actions include the company's suspicion of paying money for land transportation operations in areas controlled by ISIS, and it is believed that it ended up in the pockets of terrorists.
The group's monitors identified "serious violations of the group's legal compliance rules and work ethics" between 2011 and 2019, as acknowledged by Ericsson in mid-February, anticipating the International Federation's investigation, which was published in about 30 media platforms on Sunday.
The company said that the investigation did not reveal the "direct involvement" of any employee "in the financing of terrorist groups."
ISIS controlled vast areas in northern Iraq and neighboring Syria in 2014, seizing all the joints of life and sectors in those areas, before being defeated in 2017.
In December 2019, Ericsson paid $1 billion to the US judiciary to close prosecutions in corruption cases in five other countries (Egypt, China, Vietnam, Indonesia, and Kuwait), as part of a deal known as the "Delayed Public Prosecution Agreement".
The company said last month that it had previously handed over its internal investigation into Iraq to the US judiciary as part of old investigations.
But the US Department of Justice told Ericsson on Tuesday that the information transferred to it was "insufficient".
In addition, the US Department of State found that the company had “violated the settlement agreement” by its lack of transparency in the investigations since its completion in late 2019.
Ericsson stated that it “is in contact with the Department of Justice” about the file and considers that “at this point it is too early to predict its outcome.” .
During an urgently called conference call, the CEO of the roughly 100,000-employee group declined to give an assessment of the company's financial risks.
“We take all of this very seriously,” Director Borgy Ekholm said, adding that the company was making a "cultural" anti-corruption effort.
Since the company's first announcement regarding this file, its share has lost about a third of its value.
In 2017, Ericsson launched a plan that revived the company, after it recorded a decline since 2010 in front of the rise of the Chinese company Huawei, which robbed it of the position of the first telecom equipment company in the world.
The company is currently engaged in a difficult battle with "Huawei" and the Finnish company "Nokia" to build networks of the fifth generation Internet line in the world, against the backdrop of geopolitical tension between the United States and China related to the issue of the fifth generation and its sensitive equipment.
This sector is one of the few technological sectors in the world that is not dominated by the United States since the French "Alcatel" bought the American company "Lucent", and before "Alcatel" itself became in the hands of "Nokia" in 2016.
This is not the first corruption case linked to Terrorist groups appear to the public. In September of last year, the French judiciary accused a former Jordanian employee at the factory of the French "Lafarge SA" group, a leading French manufacturer in the building materials industry, of "financing terrorism" in Syria.
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