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STOCKHOLM, Sweden-A Stockholm court has acquitted L.M. Ericsson’s employees of tax evasion charges filed last year by Sweden’s National Economic Crimes Bureau.
The employees were accused of stashing money in Swiss banks during 1998 and 1999 with the intent to avoid paying taxes on the money. They allegedly attempted to cover up the deposits by producing bogus invoices worth about $485 million from a Swiss subsidiary.
“We welcome, and are not surprised by, the acquittals,” said Ericsson’s head of corporate communications, Henry Stenson. “We have believed all along that none of the indicted was guilty.”
Further details about the case were not disclosed by the company.
