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BREAKING
UN Security Council member states, excluding the United States, confirm that there is a famine in Gaza.
Syrian media: The Israeli occupation forces launch a series of airstrikes in the western Damascus countryside.
Al Mayadeen correspondent: 51 people martyred in Israeli aggression on Gaza since Wednesday morning.
Saree: Yemen will not abandon its stance in support of Gaza no matter the challenges and repercussions until the blockade imposed on the territory is lifted and the aggression it is facing is halted.
Saree: The entire world admitting to the scale of famine and aggression endured by our brothers in Gaza puts the Islamic and Arab worlds before a religious and historic responsibility.
Saree: The operation was carried out in support of the Palestinian people and their Resistance fighters, as well as in response to the genocide and deliberate starvation being perpetrated by the Israeli enemy in Gaza.
Saree: The operation achieved its goals, causing millions of enraged settlers to flee to shelters and suspending air traffic at the airport.
Yemeni Armed Forces: The operation successfully achieved its objective, sending millions of settlers to shelters and suspending airport activity.
Yemeni Armed Forces spokesperson Yahya Saree: The Yemeni Missile Force carried out an operation that targeted al-Lydd airport in occupied Yaffa using a Palestine 2 ballistic missile.
Yemeni Armed Forces: The missile force carried out a top-tier military operation targeting al-Lydd Airport in the occupied Yafa area with a Palestine-2 hypersonic ballistic missile.

Ericsson may have funded ISIS

  • By Al Mayadeen Net
  • Source: Agencies
  • 18 Feb 2022 16:56
2 Min Read

In an investigation into Ericsson's corruption in the past few years, there may be evidence that the Swedish corporate had paid ISIS for access in Iraq.

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  • Ericsson Group Headquarters. (Getty Images)
    Ericsson Group Headquarters. (Getty Images)

Swedish telecommunications giant Ericsson informed the US Department of Justice about an internal investigation of misconduct, looking into payments in Iraq upon signing a Deferred Prosecution Agreement (DPA) in 2019 to settle probes into corruption, according to sources familiar with the issue.

Upon this knowledge, Ericsson's shares fell 14% on Wednesday as worries arise that the DoJ would fine the company after disclosing that the investigation found evidence of misconduct. 

The breaches include, “making a monetary donation without a clear beneficiary; paying a supplier for work without a defined scope and documentation; using suppliers to make cash payments; funding inappropriate travel and expenses; and improper use of sales agents and consultants,” according to the company's statement.

Cevian Capitol, one of Ericsson's largest shareholders, told Reuters that the company's actions were "unacceptable" after realizing that some payments deferred to Iraq reached militant organizations, including the terrorist group ISIS. 

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"The information that has now emerged is serious and the company’s actions are, of course, unacceptable," said Christer Gardell, the managing partner for Cevian, to Reuters.

"As we understand the situation, the DoJ was informed about the internal investigation at the time of the so-called Deferred Prosecution Agreement, and Ericsson losing almost SEK 50 billion in market value yesterday is a strong overreaction," he said.

"Old money"?

In the past decade, Ericsson went through numerous restructuring phases, and it was subject to a US investigation for corruption.

"What has emerged with the 'Iraqi situation' is a remnant of this old mismanagement, " Cevian's Gardell said.

Two companies have a say in how the company is usually operated: Swedish investment company, Investor AB and Industrivarden, who are the largest investors in Ericsson. While Investor AB said that the company has its full support, Industrivarden declined to comment. 

"The company today takes these issues very seriously and has invested significant resources in solving the historical problems and ensuring that no new issues arise," Gardell said. "It needs to urgently address the remaining complexity and loss making businesses to help reduce such mismanagement in the future."

  • Iraq
  • ISIS
  • Department of Justice
  • Ericsson

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