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Thursday, 17 February 2022 (YJC)_ Acknowledging corruption in the company, Ericsson Telecommunication Company announced that some of its employees had paid bribes to ISIS and other terrorist groups in Iraq.
Shares of Ericsson, based in Stockholm, Sweden, fell 11 percent on Wednesday (February 16th) after an internal investigation into corruption at the company, which bribes ISIS in Iraq and other intermediaries. Revealed alternative modes of transportation to bypass Iraqi customs during a period when terrorist groups, including ISIS, controlled some transportation routes.
The British Financial Times wrote in a report:
The company's chief executive, Berge Eckholm, admitted that his company had paid money to ISIS in Iraq, some of which was for transport routes to evade local customs. Has purchased quotations from areas controlled by terrorist organizations, including ISIS, and with the facilities we have, we have not been able to identify the final recipients of these sums.
Eckholm's remarks came hours after Ericsson issued a statement in the closing hours of Tuesday denouncing "serious breaches of compliance and corporate ethics" with Ericsson's employees, salespeople, sales consultants and suppliers in Iraq over the years. Confessed from 2011 to 2019.
According to the report:
Inspectors could not determine the final recipient of the payments made for the alternative transport routes, but this happened at a time when ISIL and other terrorist organizations were in control of some of the routes. The investigation also does not rule out the possibility of "potential money laundering risks" through these payments. Meanwhile, the Swedish company has said that it can not identify any of its employees who were directly involved in financing terrorist organizations, and many of its employees have been fired.
A review of Ericsson's record shows that the Swedish company paid more than $ 1 billion in December 2019 to resolve US criminal and civil investigations into foreign corruption in China, Indonesia, Vietnam, Djibouti and Kuwait.
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