Stock Groups

Ericsson says U.S. DOJ advises it breached obligations under DPA -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Ericsson’s logo seen at the headquarters of Stockholm, Sweden. June 14, 2018. REUTERS/Olof Swahnberg/File photo

(Reuters) – Ericsson, a Swedish telecommunications equipment manufacturer, said Friday that it had received correspondence from the U.S. Department of Justice stating its concerns about Ericsson’s breach of a Deferred Prosecution Agreement. (DPA). The letter stated that Ericsson failed to supply certain facts and documents.

Ericsson agreed to pay $1 billion in 2019 to settle corruption probes, which included the bribery of officials.

According to the U.S. Department of Justice, the bribery occurred over many years in Djibouti and Vietnam.

Ericsson claimed Friday that, at this time it’s too premature to forecast the outcome and stated it will cooperate with DOJ.

DOJ spokesperson did not immediately respond to our request for comment.

According to the Justice Department, in December 2019, the company acknowledged that it conspired to break the Foreign Corrupt Practices Act (FCPA), between at least 2000 and 2016, by engaging with others and paying bribes.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]