Ericsson to pay $206M for breaking US deal in bribery case

STOCKHOLM (AP) — Swedish telecom equipment maker Ericsson has agreed to plead guilty to U.S. foreign corruption violations and pay more than $206 million for breaking a deal with the Justice Department over charges of bribery and falsifying records in countries from China to Kuwait. The U.S. Justice Department said Thursday that the Stockholm-based company violated a 2019 agreement by failing to provide documents and information the agency needed for its investigation and to bring charges against individuals accused of misconduct. Prosecutors say Ericsson used intermediaries to bribe government officials and manage illicit stashes of cash in Djibouti, China, Vietnam, Indonesia and Kuwait. Ericsson says it’s committed to improved oversight and is “on an important journey to transform our culture.”