WASHINGTON: Swedish telecoms firm Ericsson has agreed to pay more than US$1 billion to resolve allegations of bribery spanning Asia and the Middle East, the US Justice Department announced Friday.
“Ericsson’s corrupt conduct involved high-level executives and spanned 17 years and at least five countries, all in a misguided effort to increase profits,” Brian Benczkowski, head of the Justice Department’s criminal division, said in a statement. Prosecutors say that between 2000 and 2016, the company engaged in a scheme to pay bribes, falsify its books and records and ensure company officials turned a blind eye to the corruption, according to the Justice Department statement.
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