By Dominic Chopping

STOCKHOLM--Swedish telecom gear maker Ericsson concluded a plea deal it reached with U.S. authorities to settle bribery allegations, saying an independent compliance monitor appointed to the company has formally completed its work.

Ericsson entered a deal with the DOJ in 2019 to resolve allegations of bribery that stretched between 2000 and 2016, which the agency said occurred in Djibouti, China, Vietnam, Kuwait and Indonesia.

The deal, known as deferred prosecution agreement, suspended criminal charges of conspiracy to violate the Foreign Corrupt Practices Act, with Ericsson paying over $1 billion and agreeing to retain a compliance monitor and cooperate in related probes.

The DOJ-appointed independent monitor has over the past four years reviewed, assessed, evaluated and tested all aspects of Ericsson's global anti-corruption compliance program and internal controls.

Earlier this year Ericsson said the monitor had certified that its anti-corruption compliance program has satisfied requirements and is functioning effectively.

The monitorship and plea agreement has therefore now concluded.

"This is an important milestone in our journey to improve our organization," said Chief Executive Borje Ekholm. "Over the past four years we have implemented important compliance requirements and processes. Our commitment to integrity is rock solid and we have no tolerance for corruption, fraud or other misconduct."

Write to Dominic Chopping at

(END) Dow Jones Newswires

06-03-24 0242ET