Ericsson pays $1 billion to resolve FCPA violations
Swedish telecom Ericsson
agreed Friday to pay the DOJ and SEC over $1 billion in one of the biggest Foreign Corrupt Practices Act enforcement actions ever.
Telefonaktiebolaget LM Ericsson
will pay the DOJ a criminal penalty of over $520 million and nearly $540 million to the SEC in disgorgement and interest.
An Ericsson subsidiary from Egypt
pleaded guilty Friday to criminal charges in federal court in New York.
In a civil complaint the SEC
charged Ericsson with violating the anti-bribery, books and records, and internal controls provisions of the FCPA.
The resolution is the second biggest FCPA case, behind only Petrobras’s $1.78 billion global settlement in 2018.
Ericsson becomes the fourth mobile phone company to appear on the FCPA Blog’s current top ten list, joining Sweden’s Telia, MTS of Russia, and VimpelCom of Holland.
The FCPA Blog
https://fcpablog.com/2019/12/06/ericsson-pays-1-billion-to-resolve-fcpa-violations/