Home > Communication > Ericsson To Take $1.2B Hit

Ericsson To Take $1.2B Hit

STOCKHOLM: Swedish mobile telecom gear maker Ericsson says its Q3 results will be hit by a US$1.23 billion provision it is making to settle US investigations.

The company said the investigations are linked to compliance irregularities relating to the US Foreign Corrupt Practices Act, and a settlement could cost the company more than $1 billion.

It has identified breaches of its code of ethics that included its failure to react to red flags and inadequate internal controls, but said it has improved its compliance programs.

You may also like
Check Out The Latest Plug Mag Now
Huawei Shows “Continued Growth” Despite US Ban
New Google Pixel Set To Hurt Huawei
iPhone 11 Sales Demand Boom Ahead Of Q4 Results
Harvey Norman Snares Exclusive Access To Connect SmartHome Range