Ericsson's Anti-Corruption Program Gets Certified, Paving Way for Completion of U.S. Plea Deal
By Dominic Chopping
STOCKHOLM--Ericsson's anti-corruption compliance program has been certified by an independent monitor, paving the way for the company to complete a plea deal it reached with U.S. authorities to settle bribery allegations.
In 2019, the Swedish telecom gear maker entered a deal with the U.S. Justice Department to resolve allegations of bribery that stretched between 2000 and 2016 that the agency said occurred in Djibouti, China, Vietnam, Kuwait and Indonesia.
The deal, known as deferred prosecution agreement, suspended criminal charges of conspiracy to violate the Foreign Corrupt Practices Act, with Ericsson paying over $1 billion and agreeing to retain a compliance monitor and cooperate in related probes.
The DOJ-appointed independent monitor has over the past four years reviewed, assessed, evaluated and tested all aspects of Ericsson's global anti-corruption compliance program and internal controls, it said.
In a statement Thursday, Ericsson said the monitor has now certified that its anti-corruption compliance program has satisfied requirements and is functioning effectively.
"This certification is an important and independent verification of Ericsson's significant progress in strengthening its compliance and controls," said Ericsson Chairman Jan Carlson. "This marks a positive step towards completion of the monitorship."
Conclusion of the monitorship and plea agreement is expected to occur no later than June 2, 2024.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 28, 2024 07:52 ET (11:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth