By John Lee.
Swedish telecoms company Ericsson has said it is reviewing its investigation into past compliance concerns in Iraq.
In a press release, the company said:
"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."