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Benzinga
Benzinga
Business
Anusuya Lahiri

Ericsson Could Have Paid ISIS For Access To Iraq Transport Routes, CEO Ekholm Says; Stock Plunges

ERIC (Organization) Ericsson Iraq ISIS Borje Ekholm Handelsbanken Telefonaktiebolaget LM Ericsson U.S. Department of Justice
  • Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) may have made payments to the ISIS terror organization to gain access to specific transport routes in Iraq, Bloomberg reports as per CEO Borje Ekholm’s statement to a newspaper Dagens Industri.
  • Ericsson had identified “unusual expenses dating back to 2018” and was yet to determine the final recipient of the money.
  • “What we are seeing is that transport routes have been purchased through areas that have been controlled by terrorist organizations, including ISIS,” Ekholm told the business newspaper. 
  • Ericsson previously said that it continued to “invest significantly” into a probe regarding compliance concerns in its Iraq-based operations.
  • According to analysts at Handelsbanken, the suspect payments likely formed part of a corruption probe by the U.S. Department of Justice that concluded in 2019. 
  • Ericsson said that financing terrorism is entirely unacceptable and “something we do not allow at all.”
  • Price Action: ERIC shares traded lower by 14.20% at $10.68 in the premarket on the last check Wednesday.
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