Cable & Telecom

Ericsson estimates costs for resolving investigations by American authorities at US$1B

STOCKHOLM – As previously disclosed, telecom manufacturer Ericsson has been co-operating with investigations by the United States Securities and Exchange Commission and Department of Justice regarding the company’s compliance with the U.S. Foreign Corrupt Practices Act.The company announced today it will make a SEK12 billion (US$1 billion). provision related to resolving the investigations, “that will impact the third quarter 2019 results,” reads the release. The money is to cover any sanction and other related costs. The process to find a resolution is still ongoing.The investigation, which Ericsson has voluntarily co-operated with, covers a period ending Q1 2017 “and revealed breaches...