Ericsson To Pay $1B To Settle Foreign Bribery Allegations

Law360 (December 6, 2019, 4:58 PM EST) -- Stockholm-based telecom giant Ericsson has agreed to pay criminal and civil penalties totaling more than $1 billion to U.S. authorities over bribery and slush fund schemes in Asia, Africa and the Middle East dating back to 2000, the U.S. Department of Justice announced on Friday.

U.S. authorities said Ericsson engaged in bribery, maintained "off-the-books slush funds" and used sham consulting agreements in violation of the Foreign Corrupt Practices Act. (Getty)

The company's subsidiary Ericsson Egypt Ltd. pled guilty Friday to conspiracy to violate the Foreign Corrupt Practices Act, while the parent company entered a deferred prosecution agreement with the DOJ....

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