Ericsson to pay around AED4 billion settlement for bribery allegations

istock/Andrei Stanescu

Ericsson is to pay almost AED4 billion to settle allegations of bribery.

According to a recent announcement by The US Department of Justice, the Swedish company had admitted to running years of corrupt campaigns in five countries to solidify its grip on telecommunications business. 

It's believed that the settlement will be one of the highest under the Foreign Corrupt Practices Act (FCPA). 

The penalty breakdown involves a payment of around AED2 billion to the Securities and Exchange Commission (SEC) and a criminal penalty of AED1.9 billion to the justice department. 

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 11:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.


On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.


    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!