Securitas books $53 mln provision over US investigation (updated)

Securitas AB

13/09/2024 06:14

(Adds quote, detail in paragraphs 2-3)
       OSLO, Sept 13 (Reuters) - Sweden's Securitas  SECUb.ST 
said on Friday it will book a $53 million provision related to a
U.S. government probe into the company's Paragon Systems
subsidiary.
    "The investigation relates to alleged misconduct by certain
former employees and to Paragon's relationship with various
small business entities which were a direct or indirect party to
contracts with the U.S. government," Securitas said in a
statement.
        Paragon is fully cooperating with the probe and the size
of the provision was the current estimated cost related to the
case, the company added.
  
        The provision will be booked in the third quarter of
2024, Securitas said.
  

 (Reporting by Terje Solsvik, editing by Stine Jacobsen)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))