02:24
+2 C°
Traffic jam:   0
$
76.9561
82.9670

Ericsson is accused of violating a Justice Department settlement over bribery

3 March 2023
2510
2 min.
2
Ericsson is accused of violating a Justice Department settlement over bribery

Ericsson has breached the agreement

Sweden's Ericsson has been ordered to pay a fine of more than $206 million for violating an agreement with the US Department of Justice. This was reported in a statement posted on the agency's official website on Friday.

"Ericsson breached the deferred prosecution agreement, particularly the provisions of the cooperation and disclosure agreement," the document said. Ericsson failed to fully provide factual information and evidence relating to corruption schemes in Djibouti and China, as well as to disclose details of activities in Iraq that may have fallen under anti-corruption law violations. "These errors prevented the US from pursuing charges against specific individuals and taking key investigative steps," the DOJ summarised.

2019 saw the signing of a contract between Ericsson and the US agency charged with looking into any violations of the Foreign Corrupt Practices Act (FCPA). The business was discovered to have employed third-party agents and consultants between 2000 and 2016 to bribe government representatives and manage illicit cash in Djibouti, China, Vietnam, Indonesia, and Kuwait. These agents were employed under fraudulent agreements, and they were compensated with phony invoices that weren't legally recorded in the books. For this, the corporation agreed to retain an independent compliance review for three years in exchange for paying a fine of more than $520 million.

"Ericsson has entered into an agreement with the Ministry of Justice to get its operations in order. The company's breach of its obligations indicates that it has not learned its lesson and will now have to pay a heavy price," said US Attorney Andre Damian Williams.

In addition to paying the fine, the company must also plead guilty to the original charges of corruption and violation of the FCPA. Ericsson will have to serve probation until June 2024 and extend the term of the independent compliance monitor for another year.

Persons1 and Companies1 in the news

Section:
Source foto:
truthdig.com

Discussion

Rating companies
Nasdaq
86 Mention
Dow Jones
72 Mention
Twitter
33 Mention
Tesla
26 Mention
Apple
25 Mention
Bloomberg L.P.
23 Mention
Microsoft
18 Mention
JPMorgan Chase
17 Mention
Chevron
17 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8024365438
Died this year
13196592
Born this year
32465952