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Ericsson shares fall 7% on Iraq corruption probe -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The Ericsson logo can be seen in its Stockholm headquarters, Sweden on June 14, 2018. REUTERS/Olof Swhnberg

STOCKHOLM (Reuters), Ericsson shares fell 7% after Ericsson revealed the results of its internal investigation, which detailed suspicious payments and misconduct in Iraq.

According to the company’s investigations, payments were made for alternative transport routes. This was in relation to circumventing Iraqi Customs.

Ericsson claimed that they could not establish if employees had been involved in the financing of such organizations, but several have left.

Mads Rosendal, an analyst at Danske Bank Credit Research says that if U.S. Department of Justice sees cause to investigate, it could lead to large fines.

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