Ericsson Concludes U.S. Plea Deal Following Bribery Allegations
By Dominic Chopping
STOCKHOLM--Swedish telecom gear maker Ericsson concluded a plea deal it reached with U.S. authorities to settle bribery allegations, saying an independent compliance monitor appointed to the company has formally completed its work.
Ericsson entered a deal with the DOJ in 2019 to resolve allegations of bribery that stretched between 2000 and 2016, which 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.
Earlier this year Ericsson said the monitor had certified that its anti-corruption compliance program has satisfied requirements and is functioning effectively.
The monitorship and plea agreement has therefore now concluded.
"This is an important milestone in our journey to improve our organization," said Chief Executive Borje Ekholm. "Over the past four years we have implemented important compliance requirements and processes. Our commitment to integrity is rock solid and we have no tolerance for corruption, fraud or other misconduct."
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 03, 2024 02:42 ET (06:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations