Ericsson confirmed that the U.S. Securities and Exchange Commission (SEC) has notified the company that it has opened an investigation concerning the matters described in the company’s 2019 Iraq investigation report.
Ericsson said it is too early to determine or predict the outcome of the investigation, and that it is fully cooperating with the SEC.
Ericsson's Board of Directors comments on compliance issue
At Ericsson’s 2022 Annual General Meeting, shareholders representing at least one tenth of all of the shares in Ericsson voted against discharge from liability of the Board of Directors and the President for the financial year 2021.Speaking after the general meeting, Ericsson’s Chief Executive Officer, Börje Ekholm said: “I understand the concerns raised by our shareholders and these are important matters. I want to state my commitment to continuing...
Ericsson may have bribed ISIS in Iraq
An internal investigation at Ericsson has found unusual expense claims in Iraq, dating back to 2018 with evidence of corruption-related misconduct. Regarding the situation, Ericsson issued this statement (in part):"The investigation included the conduct of Ericsson employees, vendors and suppliers in Iraq during the period 2011-2019. It found serious breaches of compliance rules and the Code of Business Ethics. It identified evidence of corruption-related...
