Shares in Ericsson fell sharply after Borje Ekholm, chief executive of the Swedish telecoms equipment maker, conceded it could have made payments to terror organisation Isis in Iraq.
Ericsson said late on Tuesday that an internal investigation from 2019 had found serious breaches of compliance rules in Iraq including payments for transport routes to evade local customs.
“What we are seeing is that transport routes have been purchased through areas that have been controlled by terrorist organisations, including Isis,” Ekholm told Swedish newspaper Dagens Industri on Wednesday.
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