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BREAKING
Berri: It is our fate every Eid al-Adha to offer sacrifices in defense of Lebanon and its sovereignty, and the aggression will not prevent us from celebrating our holidays
Berri: Our positions must be unifying for all Lebanese in confronting the Israeli aggressiveness, which does not target a specific sect or region, but rather all of Lebanon and the Lebanese, and even Arabs and Muslims in their holiest sanctities
Speaker of the Parliament of Lebanon Nabih Berri: Our position regarding the continuous Israeli violation of Lebanon is identical to and adopts the position of the President of the Republic in all national and sovereign dimensions
Israeli raids strike eight residential buildings in Beirut’s southern suburbs; shelling reported in Ain Qana, southern Lebanon
Al Mayadeen's correspondent: Another Israeli airstrike targets Beirut’s southern suburb
Saree: The operation comes in solidarity with the oppressed Palestinian people and in response to the aggression against Beirut’s southern suburb
Yemeni Armed Forces spokesperson: The operation successfully achieved its objective, forcing millions of Israeli settlers to flee into shelters
Yemeni Armed Forces spokesperson Yahya Saree: We targeted Lod Airport (Ben Gurion Airport) in the occupied Yafa area with a hypersonic ballistic missile, the “Palestine 2” type
Salam: We call on the international community to hold "Israel" accountable, halt its attacks, and ensure full withdrawal from Lebanese territory
Salam: These attacks constitute a blatant violation of Lebanese sovereignty and UN Security Council Resolution 1701

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.

  • x
  • 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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