Ericsson, a Swedish company, announced on Monday that a four-year initiative to oversee the company’s adherence to a U.S. anti-corruption agreement had concluded on June 2.
The company’s appointment of an independent monitor in 2020 was the result of a settlement with the U.S. Department of Justice (DOJ) the previous year, which resolved an investigation into alleged corruption in China, Vietnam, and Djibouti.
The Swedish company’s global anti-corruption compliance program and internal controls had been 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,” Ericsson stated in a public statement.
Ericsson had consented to pay a criminal penalty and cooperate with an independent compliance monitor for three years in conjunction with the 2019 settlement. This period was subsequently extended by one year.
“This is a critical milestone in our endeavor to enhance our organization.” CEO Borje Ekholm stated, “We have implemented significant compliance requirements and processes over the past four years.”
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