Ericsson sets aside US$220 million for potential DOJ fine

Ericsson has set aside SEK 2.3 billion (approx. US$220 million) in relation to a potential resolution with the U.S. Department of Justice (DOJ) regarding previously announced irregularities in Iraq. Ericsson described the allegations as "non-criminal, alleged breaches under its 2019 Deferred Prosecution Agreement (DPA)." The company said it has not reached a resolution with the DOJ regarding these alleged breaches but believes the sum of $220 million to be a sufficiently reliable estimate of the financial penalty associated with any potential breach resolution.

https://www.ericsson.com/en/press-releases/2023/1/ericsson-makes-provision-in-fourth-quarter-of-2022-in-relation-to-potential-dpa-breach-resolution-with-u.s.-department-of-justice

Ericsson confirms SEC investigation

Saturday, June 11, 2022  Ericsson, Iraq, Legal  

Ericsson confirmed that the U.S. Securities and Exchange Commission (SEC) has notified the company that it has opened an investigation concerning the matters described in the company’s 2019 Iraq investigation report.Ericsson said it is too early to determine or predict the outcome of the investigation, and that it is fully cooperating with the SEC.https://www.ericsson.com/en/press-releases/2022/6/update-on-ericsson-engagement-with-u.s.-authoritiesEricsson's...

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Ericsson may have bribed ISIS in Iraq

Wednesday, February 16, 2022  Ericsson, Iraq  

An internal investigation at Ericsson has found unusual expense claims in Iraq, dating back to 2018 with evidence of corruption-related misconduct. Regarding the situation, Ericsson issued this statement (in part):"The investigation included the conduct of Ericsson employees, vendors and suppliers in Iraq during the period 2011-2019. It found serious breaches of compliance rules and the Code of Business Ethics. It identified evidence of corruption-related...

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