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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.

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