Already in the summer could SvD Näringsliv reveal that the doj (Department of Justice, DOJ) and Securities and Exchange Commission (SEC) audited Ericsson for suspected corruption linked to Asia and Greece.
There are a lot of questions right now about the Ericsson’s operations in Turkey.
According to SvD Näringsliv experience, the fsa has now expanded the investigation to include the company’s operations in Turkey. In the agency’s focus is Ericsson’s relation to Turkey’s largest operator, Turkcell is a company which nearly 40 percent is owned by the Swedish Telia. Sources to SvD states that the authority, inter alia, interested in leverantörskontrakten between Ericsson and Turkcell.
– There are a lot of questions right now about Ericsson’s entire operations in Turkey, even far back in time. But most of all, it on Ericsson’s role as a supplier to Turkcell and affärsdetaljer between the companies, says a source with the transparency of Turkcell.
multiple SvD Näringsliv spoken with is the SEC’s interest is not surprising.
” It has for many years been suspected of Telia, that there have been so-called "kickbacks" (payola, ed.) at Turkcell contracts. They have, however, been difficult to prove and thus difficult to get to grips with, ” says a former high Teliachef for SvD.
Ericsson has a long history in Turkey and was in the late 90′s and started to Turkcell together with the Finnish Sonera and the controversial businessman Mehmet Karamehmet. Over the years, several high Ericsson-the directors sat in the Turkcell’s board of directors. To Turkcell – which is owned by Telia, which as late as in the autumn was needed in the 12 billion due to alleged corruption in connection with the company’s establishment in Uzbekistan – is now being drawn into is no coincidence, say several sources that SvD Näringsliv spoken with.
– the SEC has, of course, not only received information about Uzbekistan. Telia’s operations including Turkcell are on their map and when combined with the scrutiny that the SEC makes in Ericsson as to overlap the maps to each other in Turkey. But the overlap also to each other in other areas because Ericsson is a supplier to many Teliabolag in Eurasia, says a person familiar with the Telia and Ericsson’s business activities in the relevant countries.
Both Ericsson and Turkcell is listed in the united states and reads thus in the tough us law on corruption. If the financial supervisory authority, the SEC finds something inappropriate in his review, it can have a significant impact, including financial, in the form of billions in damages and fines.
– The american anti-corruption legislation (FCPA, ed.) is very strict and expensive. The personal responsibility of the representatives of the companies that show themselves committed the breach of the FCPA can also be considered. So if it turns out that you have committed breach of the FCPA can be very costly for the companies involved and the people, the comment Peter Utterström, lawyer and korruptionsexpert, to SvD Enterprise.
It is not a good idea to not leave the complete and full response when the SEC asks questions, the SEC will turn on each stone.
Peter Utterström draws parallels to the 12 billion that the american authorities now require Telia after the alleged mutaffären in Uzbekistan, claims that Telia is now reportedly trying to negotiate down. Peter Utterström believe that the full medgörlighet of the review is to recommend.
By being listed in the united states as is the question of american jurisdiction, a “non-issue”. One can also assume that the SEC’s investigation is thorough. It is not a good idea to not leave the complete and full response when the SEC asks questions, the SEC will turn on each stone. So to the extent there is a link between Telia, Ericsson and Turkcell, it will, in all probability, to come forward, ” says Peter Utterström.
Jan Frykhammar was appointed ceo of telekomjätten Ericsson before Börje Ekholm succeeded the previous president and ceo, Hans Vestberg. Photo: Magnus Hjalmarson Neideman
Review of the Ericsson conducted under high secrecy from the SEC, and include both conditions in recent years, as events that are further back in time.
The u.s. authorities ‘ continued interest in Ericsson can be a nightmare for the shareholders, including the owners Wallenbergssfärens maktbolag Investor and Industrivärden.
It also runs the risk of vilifying the reputation of some of Sweden’s foremost business leaders. In Ericsson’s board of directors sits amongst the other earlier volvo vice president, Leif Johansson, the company’s ceo Helena Stjernholm, Investor’s chairman Jacob Wallenberg and Investor’s former ceo Börje Ekholm, who soon also joins as the new ceo of Ericsson.
Spokesmen for Turkcell said that as far as we know, is ongoing no extraordinary investigations by the us authorities.
– There are no extraordinary investigations for the moment, beyond what we would consider as belonging to the regular operation, ” says Burak Mergen, Turkcell’s spokesperson, to SvD.
Both Telia and Ericsson has previously denied that it would last more korruptionsutredningar against the companies. In connection with Ericsson’s report in October said the acting president and ceo Jan Frykhammar that he did not know if more areas within the Ericsson was reviewed by the us authorities. He also stated that he was not worried about any financial requirements on the Ericsson.
Also, the Telia ceo Johan Dennelind said in connection with the company’s report that he did not know more korruptionsutredningar against the company other than the progress of Uzbekistan. Telia’s press office has stated that it has limited transparency in Turkcell, but that as far as you know in progress no investigation from the amerikanksa authorities.
Ericsson announces that the company has something new to add to Jan Frykhammars answers in connection with the quarterly report in October.
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