A four-year program monitoring the company’s compliance with a U.S. anti-corruption agreement ended on June 2, as stated by Sweden’s Ericsson on Monday.
In 2020, the U.S. Department of Justice (DOJ) appointed an independent monitor. This followed an agreement reached the year before with the company to halt an investigation into its suspected involvement in corruption in China, Vietnam, and Djibouti.
The Swedish company’s internal controls and global anti-corruption compliance program were being evaluated by the monitor.
“On March 28, 2024, the monitor certified to DOJ that Ericsson’s anti-corruption compliance program has satisfied requirements and is functioning effectively,” the company stated in a statement.
As part of the 2019 settlement, Ericsson committed to paying a criminal fine and collaborating with an independent compliance monitor for three years. An additional year was added to the agreement.
“This is an important milestone in our journey to improve our organisation. Over the past four years we have implemented important compliance requirements and processes,” CEO Borje Ekholm said.
By 07:23 GMT, the price of Ericsson’s shares increased by 1.9%, outpacing the 0.9% increase in Stockholm’s benchmark stock index.
Click here for more Corporate news.