Sweden’s Ericsson announced on Monday that a four-year program to check the company’s compliance with a US anti-corruption accord had finished on June 2.
The appointment of an independent monitor in 2020 came after the corporation reached a settlement with the US Department of Justice (DOJ) the previous year to resolve an investigation into alleged corruption in China, Vietnam, and Djibouti.
The monitor had evaluated the Swedish company’s global anti-corruption compliance program and internal controls.
“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.
In accordance with the 2019 settlement, Ericsson agreed to pay a criminal penalty and work with an independent compliance monitor for three years, which was later extended by one year.
“This is a significant milestone in our efforts to enhance our organisation. CEO Borje Ekholm stated, “We have implemented important compliance requirements and processes over the last four years.”
By 0723 GMT, Ericsson’s share price had risen 1.9%, exceeding the 0.9% advance in Stockholm’s benchmark stock index.
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