STOCKHOLM: Swedish telecoms equipment maker Ericsson said Wednesday it had agreed to pay Finnish competitor Nokia 80 million euros ($97 millions) to settle a dispute linked to bribes and accounting fraud.

The settlement is related to a US investigation into Ericsson’s business in five countries — China, Vietnam, Indonesia, Kuwait and Djibouti — between 2000 and 2016.

In 2019, the US Department of Justice announced that Ericsson would pay more than $1 billion in penalties and fines to resolve the investigation related to violations of the Foreign Corrupt Practices Act (FCPA). According to US authorities, Ericsson “admitted to a years-long campaign of corruption in five countries to solidify its grip on telecommunications business.”


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