US SEC opens probe against Ericsson over 2019 Iraq bribery report

STOCKHOLM :Ericsson said on Thursday that the U.S. securities regulator has opened an investigation concerning the matters described in the company's 2019 Iraq investigation report.

Ericsson disclosed in February that an internal investigation had found it may have made payments to the Islamic State militant group in Iraq - misconduct it said"started at least back in 2011." As part of that settlement Ericsson had agreed to engage an independent compliance monitor for a period of three years.

U.S. agencies investigate companies for violation of the Foreign Corrupt Practices Act which governs an American person or company paying money or anything of value to any foreign official for the purpose of obtaining business.

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