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New US fines pursue Ericsson over a corruption scandal in Iraq
Shafaq News/ The Swedish telecom equipment giant "Ericsson" announced today, Thursday, that it will likely have to pay new fines to the US Department of Justice, against the backdrop of suspicions that it paid bribes to ISIS in Iraq.
In a newspaper interview last February, CEO Borje Ekholm admitted that some Ericsson employees may have bribed ISIS operatives to travel overland through areas under the group's control in Iraq.
The admission was made before the publication of a report by the International Consortium of Investigative Journalists that revealed an internal investigation of Ericsson dating back to 2019 that was never published.
The internal investigation indicated that corruption may have occurred between 2011 and 2019 within the group's operations in Iraq.
In the company's quarterly revenue statement released Thursday, Ekholm said "Ericsson is fully committed to cooperating" with the US Department of Justice.
He stated that "the resolution of these issues may lead to a series of steps by the (US) Department of Justice that may include additional cash payments, the size of which cannot be reliably determined at the present time."
The Swedish company's shares have lost about a quarter of their value since mid-February.
Ericsson has already agreed to pay $1 billion in fines to US authorities to turn the page on corruption cases in Djibouti, China, Vietnam, Indonesia and Kuwait in 2019.
In the statement, Ekholm said the company was "limited as to what we can say" about what happened in Iraq, but said in March that it was "extremely dangerous and linked to flawed and unacceptable behavior in the past."
In its revenue statement, Ericsson said net profit fell 8 percent to 2.9 billion Swedish crowns (280 million euros, or 307 million dollars).
The company announced Monday that it will allocate 900 million crowns to cover the costs of suspending its activities in Russia after the invasion of Ukraine.
Ericsson's first-quarter sales beat expectations, but its operating profit of 4.7 billion crowns was below estimates from analysts polled by Bloomberg News.
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In a newspaper interview last February, CEO Borje Ekholm admitted that some Ericsson employees may have bribed ISIS operatives to travel overland through areas under the group's control in Iraq.
The admission was made before the publication of a report by the International Consortium of Investigative Journalists that revealed an internal investigation of Ericsson dating back to 2019 that was never published.
The internal investigation indicated that corruption may have occurred between 2011 and 2019 within the group's operations in Iraq.
In the company's quarterly revenue statement released Thursday, Ekholm said "Ericsson is fully committed to cooperating" with the US Department of Justice.
He stated that "the resolution of these issues may lead to a series of steps by the (US) Department of Justice that may include additional cash payments, the size of which cannot be reliably determined at the present time."
The Swedish company's shares have lost about a quarter of their value since mid-February.
Ericsson has already agreed to pay $1 billion in fines to US authorities to turn the page on corruption cases in Djibouti, China, Vietnam, Indonesia and Kuwait in 2019.
In the statement, Ekholm said the company was "limited as to what we can say" about what happened in Iraq, but said in March that it was "extremely dangerous and linked to flawed and unacceptable behavior in the past."
In its revenue statement, Ericsson said net profit fell 8 percent to 2.9 billion Swedish crowns (280 million euros, or 307 million dollars).
The company announced Monday that it will allocate 900 million crowns to cover the costs of suspending its activities in Russia after the invasion of Ukraine.
Ericsson's first-quarter sales beat expectations, but its operating profit of 4.7 billion crowns was below estimates from analysts polled by Bloomberg News.
[You must be registered and logged in to see this link.]
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