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HomeTechEricsson Faces SEC Probe Over Iraq Bribery Case

Ericsson Faces SEC Probe Over Iraq Bribery Case

Ericsson mentioned on Thursday that the US securities regulator has opened an investigation in regards to the issues described within the firm’s 2019 Iraq investigation report.

The Swedish telecom gear maker mentioned it was totally cooperating with the United States Securities and Alternate Fee (SEC) and it was too early to find out or predict the result of the investigation.

Ericsson disclosed in February that an inside investigation had discovered it might have made funds to the Islamic State militant group in Iraq – misconduct it mentioned “began not less than again in 2011.”

The US Division of Justice, which fined Ericsson in 2019 over the settlement of one other bribery case, can be investigating the corporate’s dealing with of the investigation and is anticipated to advantageous the corporate.

“In these circumstances it’s not unusual for a number of branches of the US authorities to turn out to be concerned and this isn’t one thing that we might count on to considerably change any last penalty and/or settlement,” in line with Mads Rosendal, an analyst at Danske Financial institution Credit score Analysis.

“It may nonetheless result in additional delays now that extra stakeholders can be concerned.”

© Thomson Reuters 2022

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