Ericsson: Comment regarding recent media inquiries
Ericsson (NASDAQ: ERIC) is addressing media inquiries concerning past compliance issues related to its operations in Iraq. An internal investigation conducted in 2019 revealed potential breaches of the Company's Code of Business Ethics by employees and suppliers. Following this, Ericsson implemented personnel and process remediation measures. The Company is currently reviewing the investigation in light of media findings and is prepared to take further action if necessary. Ericsson aims to maintain transparency regarding these matters.
- Conducted an internal investigation in 2019 to address compliance concerns.
- Implemented personnel and process remediation measures after identifying issues.
- Past compliance issues in Iraq may impact company reputation.
- Ongoing media scrutiny may affect investor confidence.
STOCKHOLM, Feb. 8, 2022 /PRNewswire/ -- Ericsson (NASDAQ: ERIC) has received questions from media regarding past compliance related matters in Iraq. It appears media will focus on the conduct of business in unstable regions where terrorist organizations and corruption are present and employees' safety may be at risk.
In 2019, Ericsson conducted an internal investigation, under its own initiative. This investigation, that was conducted together with external counsel, related to compliance concerns about the Company's business in Iraq. The investigation, which focused on the conduct of Ericsson employees, vendors and suppliers, sought to determine whether breaches of the Company's Code of Business Ethics had occurred. The investigation concluded in late 2019. In response to identified issues, the Company undertook personnel and process remediation.
As a result of the media inquiries, we are reviewing our investigation and will compare with information presented by media. If new information emerges, the Company will take further action.
In order to be transparent, Ericsson has chosen to disclose this information. As of now, we will not be able to provide further public comment on this matter.
NOTES TO EDITORS:
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About Ericsson
Ericsson enables communications service providers to capture the full value of connectivity. The company's portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world. The Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com
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SOURCE Ericsson
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