Ericsson To Review Investigation On Compliance Concerns About Business In Iraq

(RTTNews) - Telecom equipment maker Ericsson (ERIC) Tuesday said it is reviewing its investigation related to compliance concerns about the company's business in Iraq following the latest media inquiries. The company will compare with information presented by media, and will take further action if new information emerges.

The decision was taken after receiving questions from media regarding past compliance related matters in Iraq. For the company, 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, together with external counsel, related to compliance concerns in Iraq.

The investigation focused on the conduct of Ericsson employees, vendors and suppliers, and 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.