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by Abel Thompson3 views·Updated Jan 16, 2023
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  1. All right Breaking news.
  2. We just got some information in regarding the company Ericsson.
  3. Yes, ladies and gentlemen,
  4. there's been an ongoing issue for at least three years and
  5. it looks like the telecommunications giant that's out of Sweden.
  6. It currently has been served papers by six different nations.
  7. It looks like, as of right now,
  8. the Department of Justice is gonna go ahead and move forward.
  9. Um and it looks like there could be facing up to a billion dollars in penalties.
  10. It looks like this issue stems from several different unethical actions,
  11. including bribery and
  12. insufficient information in there regarding their accounting practices.
  13. So it looks like as of right now,
  14. those nations that are involved in it are
  15. in actually looking at china jib alte Indonesia,
  16. kuwait, Saudi Arabia and Vietnam and the United States are looking at
  17. prosecuting Erickson even further.
  18. Um recent information that just came through as of this month
  19. has information saying the longstanding
  20. case involving Erickson communi telecommunications,
  21. which has been under investigation for more than three years,
  22. has been recently mentioned that they they're
  23. setting aside $220 million in anticipation of
  24. a possible settlement settlement with the Department
  25. of Justice regarding the latest scandal.
  26. However, 2019, this,
  27. the United States Department of Justice and the Securities and Exchange
  28. Commission found that Erickson violated the foreign corruption practice act as
  29. part of the long running scheme authorities discovered that Erickson had
  30. made and falsified records of tens of millions of dollars in bribes
  31. And over paid more than $1 billion 2019. An effort to fight corruption,
  32. Erickson says that has taken steps since 2019 to implement
  33. measures under the oversight of its board of directors directors.
  34. And it looks like they've also been involved with paying the terror
  35. organization known as ISIS to gain access to certain ports in Iraq.
  36. Well, ladies and gentlemen, as of some recent information,
  37. it looks like also they've paid $4.8 million in
  38. payments made by Erickson and subsidiaries in Vietnam between
  39. 2012 and 2015 to a consulting firm to create
  40. off the books slash funds for Erickson's Vietnam customers.
  41. These funds seem to be unused to make payments to third
  42. parties that would have not passed through Erickson's due diligence process.
  43. Number of these payments were mischaracterized and properly recorded
  44. on the company's books and records.
  45. So between 2010,
  46. and 2015,
  47. they made approximately $45 million dollars to a consulting
  48. company for the purpose of creating off the books.
  49. Slush funds,
  50. concealed payments on Erickson's books and records are part of
  51. the project that the Justice Department has been investigating.
  52. Also,
  53. as as a result of a request of a sales agent in kuwait between 2011
  54. and 2013 and ericsson subsidiary made a
  55. payment of $450,000 to a consulting company.
  56. When a consulting company been promised a payment,
  57. it's discovered the cells represented for ericsson provided an ericsson employee
  58. with with more than enough information that was insider information,
  59. part of a bribe.
  60. This bid for the modernization of a ericsson employees,
  61. radio access network in kuwait
  62. during the contact war process Erickson sub syria was
  63. awarded the contract of approximately 100 and $82 million.
  64. Ericsson's made a payment of $450,000 to a consulting firm and improperly
  65. recorded the payment in their books according to the Justice Department.
  66. This information can be found on the Justice Department's website and
  67. this will be a justice dot gov forward slash O.
  68. P A dot pr forward slash ericson agrees. Hyphen pay over $1 billion to resolve. F. C.
  69. P a case. Also recent blog brought in today boss. So by
  70. looks like hard to see it on january 12th of 2023. This will be at W W dot
  71. fierce wireless dot com
  72. Regarding information on wireless companies
  73. and looks like fierceness dot com keeps records
  74. on most events in the wireless community.
  75. Wireless forward slash
  76. Erickson sets record of
  77. 2 to 0 M. Latest scandal settle hyphen D. O. J.
  78. For more information regarding the scandal and other information.
  79. Look forward to our forward posts as we keep on breaking
  80. news regarding other events that are going on in the telecommunications industry
  81. brought to you live by able eight Thompson.
  82. Look forward to more information on staying on top of what's going on in our country,
  83. International news and business.
  84. So look forward to speak with you further have a great day