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Ericsson to pay $97 mln to Nokia for after settling damages declare

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Ericsson mentioned on Wednesday the settlement would influence working revenue (EBIT) by 80 million euros and money movement by 26 million euros within the second quarter.

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Telecoms gear maker Ericsson has reached an settlement with Finland’s Nokia to pay a damages declare of 80 million euros ($97 million), it mentioned on Wednesday.

Ericsson mentioned the settlement adopted investigations by the U.S. Department of Justice (DoJ) into corruption, together with the bribing of presidency officers. It settled with the DoJ in 2019 and agreed to pay over $1 billion in penalties.

The DoJ had mentioned that Ericsson admitted to conspiring with others to violate the Foreign Corrupt Practices Act from at the least 2000 to 2016 by partaking in a scheme to pay bribes and to falsify books and information and by failing to implement affordable inside accounting controls.

Ericsson mentioned on Wednesday the settlement would influence working revenue (EBIT) by 80 million euros and money movement by 26 million euros within the second quarter.

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“The amount reflects uncertainty, risk, expense, and  potential distraction from business focus associated with a potentially lengthy and complex litigation,” it mentioned in a press release.

The Swedish firm added that the rest of the settlement quantity could be made in comparable instalments in 2022 and 2023, impacting money movement.

“Nokia can confirm that the information in Ericsson’s press release is accurate. We have no further comment,” a spokeswoman mentioned.

Ericsson didn’t instantly reply to requests for additional remark. ($1 = 0.8247 euros)

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