VG - Ericsson paring gains on report Swedish prosecutors investigating Iraq allegations

Ericsson (NASDAQ:ERIC) pared some earlier gains after a report that Swedish prosecutors are said to be probing the telecom firm's actions in Iraq. Sweden’s National Anti-Corruption Unit has opened a preliminary investigation into Ericsson’s (ERIC) alleged corruption scandal in Iraq, according a Bloomberg report, which cited Swedish news agency TT. Ericsson (ERIC) said last week when it reported its results that that it's likely to face further fines in the United States over the allegations that it made payments to terror group ISIS in Iraq. Ericsson (ERIC) CEO Borje Ekholm said the telecom company still can't assess the size of the possible fine it may receive from the U.S. in regards to the alleged Iraq bribery scandal, according to comments he made in an interview with Bloomberg TV. Ekholm also said that he still expects that company's planned purchase of Vonage (VG) will close in 1H of the year, pending CFIUS approval.

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Ericsson paring gains on report Swedish prosecutors investigating Iraq allegations