Ericsson shareholders sue for millions over withheld report

A group of shareholders is taking legal action against Ericsson over its alleged failure to disclose vital information with regard to an internal investigation into its business practices in Iraq.

The shareholders are seeking damages of $175-$300 million over claims the failure resulted in significant financial losses for the shareholders. As of 4th August 2023, 37 claimants have filed their case against Ericsson and more are expected to follow.

The controversy began in...

7 August 2023 | 5G

Ericsson ‘corruption-related misconduct’ potentially funded terror

Ericsson has found evidence of “corruption-related misconduct” in its Iraq operations and cannot rule out that payments were made to terror groups, including ISIS.

The Swedish telecoms giant says that it launched an internal investigation in 2019 following unusual expense claims dating back to 2018. Ericsson says that its investigation covered the period 2011-2019 and included the conduct of its employees, vendors, and suppliers in Iraq.

In a media statement,...

17 February 2022 | Telecoms