April 23, 2024

Taylor Daily Press

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Ericsson fined $200 million in US bribery case

Ericsson fined $200 million in US bribery case

Ericsson was fined 206 million dollars in the United States (US), which is about 194 million euros. The fine is related to a 2019 settlement that Ericsson had previously reached with the US government in connection with a corruption case.

The case involved bribery of officials in China, Djibouti, Kuwait, Indonesia and Vietnam. Ericsson has already reached a settlement with US authorities in the case. It has already paid over a billion dollars in bribes. This prevented the prosecution from proceeding.

Breached settlement terms

However, Swedish Telecom did not comply with the settlement terms. The company will hide the information and documents. So now it’s been fined again, this time for $206 million. Erickson accepts fines and pleads guilty to violating the US Foreign Corrupt Practices Act.

Now the company has been fined again in this case. The U.S. Department of Justice said Erickson did not meet all requirements related to providing information and documents. Thus, it violates the requirements specified in the settlement plan. The fines the company now faces are unrelated to the new charges, Erickson insists.

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