OSLO (Reuters) – Sweden’s Securitas 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)
