Ericsson executives have been sanctioned by enraged shareholders as a result of the Iraq corruption scandal.
Technical Staff
March 30, 2022
“Ericsson’s shareholders handed chief executive Börje Ekholm an unusual rebuke on Tuesday, voting to hold him accountable for the telecom giant’s mishandling of the Iraq bribery scandal and revelations about possible payments to the Islamic State terror group.”
Ericsson’s board and CEO should be held accountable for the bribery and kickback scandal in Iraq, as alleged and reported by The International Consortium of Investigative Journalists (ICIJ).
Ultimately, one or more high management executives must be held liable and accountable for the heinous Iraqi affair.
This scandal exposes corruption in one of the crowns of the Swedish jewels and is a sign of the quality of governance not only in Ericsson but also in Swedish organizations.
“The day after Ekholm’s admission that the company might have paid ISIS, Ericsson’s share value dropped to $4.4 billion, according to this report (click here).
The following report by The International Consortium of Investigative Journalists (ICIJ) shows the latest updates about this scandal:
But where was the board of directors? Where were the Swedish regulators? Where were the U.S. regulators? Where were the Iraqi regulators? Where were the external auditors? Is there a culture of corruption at Ericsson? These are the kinds of questions that should be investigated by a variety of other authorities. The board of directors has duties towards shareholders and other stakeholders to answer these tough and grilling questions.
Erricson shareholders have every right to ask all these questions and get plausible answers.
We call for an independent inquiry by reputable experts into Ericsson’s operations in Iraq to find out the reality of those allegations and if there was negligence or gross negligence by the CEO or any senior in the company’s headquarters.
