Ericsson announced the end of its anti

Swedish company Ericsson announced on Chongqing's Major Foreign Exchange Fraud CaseMonday that the four-year plan to oversee the company's compliance with a U.S. anti-corruption agreement ended on June 2nd.

In 2020, the appointment of an independent monitor stemmed from a settlement agreement reached the previous year with the U.S. Department of Justice (DOJ), aimed at addressing investigations into alleged corruption in China, Vietnam, and Djibouti.

The monitor had been assessing Ericsson's global anti-corruption compliance program and internal controls.

Ericsson stated in a release: "On March 28, 2024, the monitor informed the DOJ that Ericsson's anti-corruption compliance program meets the requirements and is effectively functioning."

Under the 2019 settlement agreement, Ericsson agreed to pay criminal fines and hire an independent compliance monitor for three years, which was later extended by a year.

Chief Executive Officer Börje Ekholm stated: "This is an important milestone in our efforts to improve organizational processes. Over the past four years, we have implemented significant compliance requirements and procedures."

As of 0723 GMT, Ericsson's stock price rose by 1.9%, outperforming the Stockholm benchmark index's increase of 0.9%.

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