SWEDEN’S telecoms giant Ericsson has agreed to pay more than $1bn (£760m) to resolve allegations of bribery, the US Department of Justice has announced.

It said the company had “admitted to a years-long campaign of corruption in five countries to solidify its grip on telecommunications business”.

It added that Ericsson had entered into a deferred prosecution agreement in connection with criminal charges filed in a New York court.

Ericsson has so far made no comment.

The firm is one of world’s biggest makers of mobile network equipment. In September, it said it had put aside $1.2bn to cover possible penalties stemming from the US investigation.

The settlement is believed to be one of the highest ever under the Foreign Corrupt Practices Act (FCPA).

It involves a $520m criminal penalty to the justice department and a payment of $540m to the Securities and Exchange Commission (SEC).

https://www.bbc.com/news/world-us-canada-50695438
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