Swedish telecoms giant Ericsson suspects some of its employees in Iraq may have bribed members of the ISIL armed group to gain access to certain roads in the country, the company’s chief executive has said. Ericsson’s share price tumbled by more than seven percent in opening trade on the Stockholm stock exchange after the news. Ericsson said payment schemes and cash transactions that “potentially created the risk of money laundering were also identified” but “the investigation could not identify that any Ericsson employee was directly involved in financing terrorist organisations”. Several employees left the company as a result of the probe, “and multiple other disciplinary and other remedial actions were taken”, Ericsson said in the statement.
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