Ericsson expects fine over Iraq bribery

Stefan Mileschin · 15th April 2022, 10:56

Son of Eric warns of cost of Russian sanctions

Swedish telecom provider Ericsson warned that it is likely be fined by U.S. regulators for its handling of a bribery investigation in Iraq and reported a slide in quarterly earnings due to its suspension of business in Russia.

Apparently, the son of Eric discovered that it may have made payments to the Islamic State militant group in Iraq since 2011 and that the US might be a little upset about it.

Shares in Ericsson tumbled seven per cent in early Thursday trade, bringing the stock's losses since news of the scandal broke to around 30 per cent.

The U.S. Department of Justice could take a range of actions, it said. These "may likely include additional monetary payments," Chief Executive Borje Ekholm said in a statement, adding that the company could not reliably estimate the size of the fine.

https://fudzilla.com/news/network/54...r-iraq-bribery

15th April 2022, 10:56	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,575	Ericsson expects fine over Iraq bribery Son of Eric warns of cost of Russian sanctions Swedish telecom provider Ericsson warned that it is likely be fined by U.S. regulators for its handling of a bribery investigation in Iraq and reported a slide in quarterly earnings due to its suspension of business in Russia. Apparently, the son of Eric discovered that it may have made payments to the Islamic State militant group in Iraq since 2011 and that the US might be a little upset about it. Shares in Ericsson tumbled seven per cent in early Thursday trade, bringing the stock's losses since news of the scandal broke to around 30 per cent. The U.S. Department of Justice could take a range of actions, it said. These "may likely include additional monetary payments," Chief Executive Borje Ekholm said in a statement, adding that the company could not reliably estimate the size of the fine. https://fudzilla.com/news/network/54...r-iraq-bribery

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