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Ericsson in talks to settle US corruption probe

Ericsson is in talks with the U.S. Department of Justice and the U.S. Securities and Exchange Commission to settle the ongoing investigations of the company's compliance with the U.S. Foreign Corrupt Practices Act.

In a Dec. 5 news release, the Swedish company said it has set aside $1.2 billion to cover the monetary sanctions, along with other costs, in relation to the potential settlement with the U.S. authorities.

According to a report by Bloomberg News, the settlement is expected to be reached within this week or next week.

In an earlier statement, Ericsson said that it has been "cooperating voluntarily" with the SEC's investigation since 2013 and with the DOJ since 2015. The probe covers a period ending in the first quarter of 2017 and six countries, including China, Djibouti, Indonesia, Kuwait, Saudi Arabia and Vietnam.