ERICSSON has agreed to pay $1.2bn (£913m) to resolve a US corruption investigation. The Swedish telecoms firm has settled a US probe into corruption, which included the bribing of government officials, the US Justice Department said last Friday. The bribing of officials took place over multiple years and in countries such as China and Vietnam. The charges include a criminal penalty of more than $520m, plus $540m to be paid to market watchdog the US Securities and Exchange Commission (SEC) in a related matter. Ericsson admitted to conspiring with others to violate the Foreign Corrupt Practices Act (FCPA) from at least 2000 to 2016 by using bribery, as well as falsifying books and records and failing to implement reasonable internal accounting controls, the Justice Department said in a statement. "Certain employees in some markets, some of whom were executives in those markets, acted in bad faith and knowingly failed to implement sufficient controls," Ericsson chief Borje Ekholm said. Ericsson shares closed up 0.90 per cent at 87.62 Swedish krona on Friday.
(c) 2019 City A.M., source Newspaper