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Wednesday, 12 May 2021 09:09 PM MYT
Ericsson’s flag is seen at the company’s headquarters in Stockholm, Sweden March 11, 2015. Reuters pic
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STOCKHOLM, May 12 Swedish telecoms equipment maker Ericsson said today it had agreed to pay Finnish competitor Nokia €80 million (RM400 million) to settle a dispute linked to bribes and accounting fraud.
The settlement is related to a US investigation into Ericsson’s business in five countries China, Vietnam, Indonesia, Kuwait and Djibouti between 2000 and 2016.
In 2019, the US Department of Justice announced that Ericsson would pay more than US$1 billion (RM4.1 billion) in penalties and fines to resolve the investigation related to violations of the Foreign Corrupt Practices Act (FCPA).