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Tipster on Ericsson won SEC's largest ever whistleblower award of US$279m — report

Tan KW
Publish date: Fri, 26 May 2023, 03:03 PM
Tan KW
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WASHINGTON The record US$279 million whistleblower award issued by the Securities and Exchange Commission earlier this month stemmed from a bribery case against Swedish telecommunications company Ericsson, the Wall Street Journal reported on Friday (May 26).

The award from the regulator's cash-for-tip program was related to the US$1.1 billion settlement the company reached with US authorities in 2019 over allegations that it conspired to make illegal payments to win business in five countries, the report said, citing people familiar with the matter.

Both the SEC and Ericsson did not immediately respond to Reuters requests for comment.

The regulator did not name the enforcement action underlying the award and did not identify the tipster in keeping with whistleblower protection rules.

Ericsson in 2019 agreed to pay more than US$1 billion to resolve probes into corruption, including the bribing of government officials in countries including China, Vietnam and Djibouti.


  - Reuters


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