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.”
Ericsson has declared that the surveillance of U.S. anti-corruption compliance has concluded.
image credit: wikipedia
Brittany De La Cruz
Hi there, I'm Brittany De La Cruz and I'm a business writer with a focus on diversity, equity, and inclusion. With a passion for highlighting the experiences of underrepresented communities in the business world, I aim to shed light on the challenges faced by marginalized groups and the progress being made to create more inclusive workplaces.
