Ericsson to pay $1 billion in US corruption charges

Ericsson will pay $1 billion over violating the Foreign Corrupt Practices Act, includes China and Saudi Arabia.

@anthony256
Published Sun, Dec 8 2019 11:24 PM CST   |   Updated Tue, Nov 3 2020 11:46 AM CST

Ericsson is in the hot seat right now, with the telco giant settling with the US Justice Department and SEC with charges of over $1.1 billion over some massive corruption with countries like China and Saudi Arabia.

Ericsson to pay $1 billion in US corruption charges | TweakTown.com

Ericsson has been accused of violating the Foreign Corrupt Practices Act between the years of 2000 and 2016, where the company reportedly bribed officials to lure customers, falsified records and failed to use "reasonable" accounting controls. The SEC charged Ericsson with bribery, which the company did between 2011-2017.

$520.6 million will be paid to the Department of Justice, while Ericsson will cough up $539.9 million to the SEC. Ericsson boss Borje Ekholm took over running operations in January 2017, and when asked about the corruption charges he said it was "completely unacceptable". But don't worry, even after close to 20 years of corruption and a $1 billion fine -- that'll come from "available funds" says Ericsson.

NEWS SOURCES:zdnet.com, bloomberg.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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