WASHINGTON: Swedish mobile telecoms company Ericsson has agreed to pay over US$1 billion to resolve probes into corruption, including the bribing of government officials, the U.S. Department of Justice said on Friday.
"The settlement with the SEC and DOJ shows that we have not always met our standards in doing business the right way," Ericsson CEO Borje Ekholm said in a statement. One of the company's subsidiaries, Ericsson Egypt Ltd, pleaded guilty in the Southern District of New York to a charge of conspiracy to violate the anti-bribery provisions of the FCPA.Pleading guilty can bring additional severe sanctions, including the revoking of licenses, but the company can negotiate waivers to ensure they can continue to operate.
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