The U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have approved an extension of the Independent Compliance Monitor for the Company by one year, to June 2024, according to Ericsson (NASDAQ: ERIC).

In order to remedy FCPA breaches, Ericsson agreed into a Deferred Prosecution Agreement (DPA) with the DOJ and a Consent Judgment with the SEC in 2019. In accordance with the resolution, Ericsson consented to hire a third-party compliance monitor for a three-year term as the company worked to improve its culture and put in place a strict anti-corruption, compliance, and controls programme.

The corporation will be able to further integrate best-in-class governance, risk management, and compliance frameworks across the enterprise with the help of this extension while still being monitored.

The Company is steadfast in its commitment to working with the DOJ to resolve the breach notice.

Source: Prnewswire