STOCKHOLM (AP) — Swedish telecom equipment maker Ericsson has agreed to plead guilty to U.S. foreign corruption violations and pay more than $206 million for breaking a deal with the Justice Department over charges of bribery and falsifying records in countries from China to Kuwait.
The U.S. Justice Department said the company, based in Stockholm, violated a 2019 agreement by failing to provide documents and information the agency needed for its investigation and to bring charges against individuals accused of misconduct.
Ericsson, which provides equipment for high-speed 5G wireless networks, used intermediaries to bribe government officials and manage illicit stashes of cash in Djibouti, China, Vietnam, Indonesia and Kuwait, prosecutors say. “The company’s breach of its obligations ... indicate that Ericsson did not learn its lesson, and it is now facing a steep price for its continued missteps,” U.S. Attorney Damian Williams for the Southern District of New York said in a prepared statement Thursday.Ericsson was accused of drawing up fake contracts and invoices to pay third-party agents carrying out the bribes and then not properly accounting for the payments from 2000 to 2016.
CEO Börje Ekholm says Ericsson has made important changes and is committed to enforcing strict controls and improved oversight and ethics.
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