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    Ericsson accused of violating bribery settlement with Justice Department

    U.S. prosecutor


    AB violated the terms of the $ 1.06 billion settlement agreement on allegations of bribery in five countries signed in 2019.

    Swedish telecommunications

    The company said on Friday.

    The Stockholm-based company has been informed by the US Department of Justice that it has breached the contract because it did not provide specific documents or information related to the settlement.

    Ericsson said he would continue to work with the Department of Justice and have the opportunity to respond to the Department of Justice’s letter. A department spokesman declined to comment.

    society Signed a contract in 2019 We worked with the Justice Department to resolve allegations of bribery that authorities said occurred in Djibouti, China, Vietnam, Kuwait and Indonesia between 2000 and 2016.

    The deal, known as the postponed prosecution agreement, filed criminal charges for conspiracy to violate the Foreign Corrupt Practices Act, provided Ericsson embarked on certain reforms and continued to work with prosecutors for three years. Paused.

    A subsidiary, Ericsson Egypt Ltd., also pleaded guilty to colluding and violating the abstinence law.

    Ericsson has also signed a parallel agreement with the US Securities and Exchange Commission on allegations of using a third party to bribe officials in Saudi Arabia, China and Djibouti. The penalty imposed on the basis of the two transactions was one of the highest ever imposed for an FCPA breach.

    The Department of Justice may issue public warnings about the consequences of violating the terms of a postponed prosecution agreement, but such violations are rare.

    A letter to Ericsson will be sent in early October after a senior Justice Department official said he was in breach of such an agreement. Can lead to more severe punishment Than originally agreed.

    “We need to ensure that those who benefit from such arrangements comply with their responsibilities,” said John Carlin, a senior member of the Deputy Attorney General’s Office. “If not, we should expect serious consequences.”

    Ericsson Appeared as one of the US champions Huawei Technologies Co. In the competition to lead the development of 5G technology around the world by Chinese companies such as.

    U.S. officials argue that Huawei and other Chinese companies pose risks to U.S. national security due to their close relationship with the Chinese government and the potential backdoor access they can provide to their telecommunications networks. .. Huawei has denied allegations of using its technology to spy.

    Ericsson had to appoint a third-party monitor as part of a 2019 agreement with a US prosecutor.Requirements Leading to the appointment In June 2020, Frankfurt-based compliance specialist Andreas Pohlmann was formerly Chief Compliance Officer of Siemens AG and oversight of bribery cases.

    VEON Ltd

    Paulman’s responsibilities include assessing compliance with the terms of Ericsson’s postponed prosecution agreement and implementing improvements to the compliance program.

    Write in Dylan Tokar at

    Copyright © 2021 DowJones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Ericsson accused of violating bribery settlement with Justice Department

    Source link Ericsson accused of violating bribery settlement with Justice Department

    The post Ericsson accused of violating bribery settlement with Justice Department appeared first on Eminetra.

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