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Prosecutor in Sweden appeals verdicts clearing Ericsson executives of tax evasion

Prosecutor in Sweden appeals verdicts clearing Ericsson executives of tax evasion

A prosecutor on Thursday appealed a verdict that acquitted five current and former executives of wireless equipment maker LM Ericsson of tax evasion.
Prosecutor Lage Carlstrom said the Stockholm District Court based its acquittal on a wrongful application of the law and failed to take key witnesses into account.
The five defendants, including Ericsson's chief strategy officer Torbjorn Nilsson, were acquitted on Dec. 8 of charges that they filed false invoices worth about 3.3 billion kronor (euro365 million; US$480 million) between 1998 and 1999.
Two other executives and an accountant also were acquitted in the case, but Carlstrom said the evidence against them was not strong enough for an appeal.
Carlstrom said the district court based its decision on a law about the protection of company secrets instead of the tax laws that he said better applied to the case.
The defendants were accused of having sent false invoices from a subsidiary in Switzerland to cover up payments made to Bank Austria in Vienna and thereby avoid tax payments.
Stockholm-based Ericsson is the world's top maker of equipment for mobile phone networks.


Updated : 2021-06-22 16:36 GMT+08:00