Monday 20 January 2020
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business-standard - 1 month ago

Sweden s Ericsson to pay $1 bn over bribery allegations: US govt

Swedish telecoms firm Ericsson has agreed to pay more than $1 billion to resolve allegations of bribery spanning Asia and the Middle East, the US Justice Department announced Friday. An Egyptian subsidiary also pleaded guilty in a federal court in New York to a charge of conspiring to violate the 1977 Foreign Corrupt Practices Act. Ericsson s corrupt conduct involved high-level executives and spanned 17 years and at least five countries, all in a misguided effort to increase profits, Brian Benczkowski, head of the Justice Department s criminal division, said in a statement. US law grants jurisdiction over corruption by companies whose shares are sold on American stock markets or if the crime touches the country s territory or its financial system. Prosecutors say that between 2000 and 2016, the company engaged in a scheme to pay bribes, falsify its books and records and ensure company officials turned a blind eye to the corruption, according to the Justice Department ...


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