Ericsson Paying $207M Fine
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 3 March 2023
⏱️ 10 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning, today is Friday, March 3rd, also known as National Employee Appreciation Day. |
| 0:13.0 | I'm your host Julie Morgan. |
| 0:15.0 | Ericsson has to pay up. |
| 0:16.7 | The company is paying a fine of more than $206 million |
| 0:20.5 | in a deferred prosecution agreement from 2019. |
| 0:24.0 | A new FoxCon iPhone plant in India? |
| 0:27.0 | According to Bloomberg, the company is investing $700 million |
| 0:31.0 | in a plant there to ramp up production. |
| 0:34.0 | Silvergate Capital is in a free fall. |
| 0:36.6 | The stock had a record low Thursday and is down pre-market. |
| 0:41.4 | Our top story. Ericsson will plead guilty to previously deferred charges in a Justice Department bribery investigation and pay a fine of just under |
| 0:50.2 | $2007 million. This would resolve a deferred prosecution agreement from 2019. |
| 0:56.6 | The company admits to violating that 2019 deal with prosecutors after failing to properly disclose |
| 1:02.4 | information on its activities in Djibouti, China, Vietnam, Indonesia, and Kuwait. |
| 1:08.0 | According to the DOJ, Ericsson is pleading guilty to engaging in a long-running scheme to violate the Foreign |
| 1:14.7 | Corrupt Practices Act by paying bribes, falsifying books and records, and for |
| 1:19.7 | failing to implement reasonable internal accounting controls in multiple countries. |
| 1:24.7 | Assistant Attorney General Kenneth Polite Jr. said instead of honoring a commitment |
| 1:30.0 | made for the deferred prosecution agreement, Ericsson repeatedly failed to fully cooperate |
| 1:35.6 | and failed to disclose evidence and allegations of misconduct in breach of the agreement. |
| 1:41.2 | And as a result of those broken promises, Ericsson must plead |
... |
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