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Ericsson: confirms 1.2 billion dollar hit in US probe

(CercleFinance.com) - Swedish mobile telecoms gear maker Ericsson confirmed on Thursday that it plans to book a provision of 1.
2 billion dollars in relation to a long-running investigation by the US authorities.

In light of recent media reports, the company said that the provision is still its "current estimate" of the amount needed to cover the monetary sanctions, plus other related costs, as it announced in September.

For the record, the investigation by US authorities has revealed breaches of business ethics and violation of the US Foreign Corrupt Practices Act (FCPA) in six countries: China, Djibouti, Indonesia, Kuwait, Saudi Arabia and Vietnam.

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