Shares in Ericsson tumbled on Wednesday after the company said it had been informed that disclosures it made to the U.S. Department of Justice (DoJ) about an internal probe into conduct in Iraq were insufficient and a breach of a deal between the two.
A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. TT News Agency/Fredrik Sandberg via REUTERStumbled on Wednesday after the company said it had been informed that disclosures it made to the U.S. Department of Justice about an internal probe into conduct in Iraq were insufficient and a breach of a deal between the two.
Findings of a 2019 internal Ericsson investigation, made public last month after media reports, revealed breaches of its compliance rules in Iraq, including payments made to bypass Iraqi Customs, at a time when militant organisations, including the Islamic State, controlled some routes.Ericsson said the DoJ had now determined that Ericsson breached the DPA by failing to make disclosures related to the internal investigation subsequent to signing the DPA.
"We need to understand what that means in detail. We received a communication last night that there was insufficient disclosure," Ericsson CEO Borje Ekholm told Reuters. "While it might be a bit early to predict the outcome all options remain open," Paolo Pescatore, an analyst at PP Insights told Reuters. "Nothing can be ruled out, whether that be more rigorous actions by the authorities or further fines."
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