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(RTTNews) – Telecom equipment makerEricsson (ERIC) said Wednesday that it has agreed with the U.S. Department of Justice and Securities and Exchange Commission to extend the term of the company’s Independent Compliance Monitor for one year, to June 2024.
Ericsson noted that the extension will allow the company, under the monitorship, to further embed best in class governance, risk management and compliance frameworks across the organization.
Ericsson said in February 2022 that it was reviewing its investigation related to compliance concerns about the company’s business in Iraq following the media inquiries. The company would compare with information presented by media, and would take further action if new information emerges.
In 2019 Ericsson reached a Deferred Prosecution Agreement with the DOJ and a Consent Judgment with the SEC to resolve violations of the FCPA.
As part of a U.S. bribery settlement, Ericsson had agreed to engage an independent compliance monitor for a period of three years while the company strengthened its culture and established a rigorous anti-corruption, compliance and controls program.
The company said Wednesday that it remains committed to cooperating with the DOJ in connection with the resolution of the breach notification.
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