The Swedish telecom gear maker stated it was totally
cooperating with the United States Securities and Exchange Commission (SEC) and
it was too early to find out or predict the end result of the investigation.
Ericsson disclosed in February that an inner investigation
had discovered it might have made funds to the Islamic State militant group in
Iraq – misconduct it stated “started at least back in 2011.”
The US Department of Justice, which fined Ericsson in 2019
over the settlement of one other bribery case, can also be investigating the
corporate’s dealing with of the investigation and is anticipated to high
quality the corporate.
“In these cases it is not uncommon for multiple branches of
the US authorities to become involved and this is not something that we would
expect to significantly change any final penalty and/or settlement,” in
response to Mads Rosendal, an analyst at Danske Bank Credit Research.
“It could however lead to further delays now that more
stakeholders will be involved.” © Reuters
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