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Ericsson agrees to pay $1.06B to settle US corruption probe


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Ericsson agrees to pay $1.06B to settle US corruption probe

Swedish telecommunications company Ericsson has agreed to pay $1.06 billion to settle U.S. federal investigations into the company's compliance with the U.S. Foreign Corrupt Practices Act.

The company said in a Dec. 6 statement that it will pay $520.6 million as part of its settlement with the U.S. Department of Justice and $539.9 million under a settlement with the Securities and Exchange Commission. Additionally, Ericsson has agreed to engage an independent compliance monitor for three years and to reform its ethics and compliance program.

The settlement marks the end of the investigations. The investigations covered activity in six countries — China, Djibouti, Indonesia, Kuwait, Saudi Arabia and Vietnam — over a period that ended in the first quarter of 2017.