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SEC Launches Probe On Ericsson Over Its Iraq Connection

Benzinga · 06/09/2022 14:15
  • The U.S. SEC intimated Ericsson (NASDAQ:ERICregarding its launch of an investigation on the company concerning the matters described in the company's 2019 Iraq investigation report.
  • Ericsson said it cooperated with the authorities regarding their review and investigation of its conduct in Iraq.
  • Previously CEO Borje Ekholm' disclosed that Ericsson may have made payments to the ISIS terror organization to gain access to specific transport routes in Iraq.
  • Ericsson had identified "unusual expenses dating back to 2018" and was yet to determine the final recipient of the money.
  • Ericsson also acknowledged that financing terrorism was entirely unacceptable.
  • Price Action: ERIC shares traded lower by 0.91 at $8.13 on the last check Thursday.