United States: Ericsson Probed by US SEC Over Corruption Scandal in Iraq

Ericsson’s governance woes continued to pile up after the US Securities and Exchange Commission started a probe into the company’s handling of a corruption scandal in Iraq.

The SEC “has opened an investigation concerning the matters described in the company’s 2019 Iraq investigation report,” Ericsson said in a statement after market close on Thursday. The company added that it’s “fully cooperating” and that “it is too early to determine or predict the outcome.”

The Swedish maker of 5G mobile networks has been in the eye of the storm over its mishandling of operations in Iraq ever since a fresh round of allegations emerged in Swedish media in February. The company admitted it may have paid the ISIS terror organisation to gain access to transport routes in a scandal that goes as far back as 2011.

Read more on bloomberg.com

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