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'The company today takes these issues very seriously and has invested significant resources in solving the historical problems and ensuring that no new issues arise,' Gardell said. Industrivarden did not immediately respond to a request for comment.Įricsson started to turn around under CEO Borje Ekholm, who had served for a decade as CEO of the Wallenberg family-backed investment firm Investor AB.

#Doj promis system full

Swedish investment company Investor AB and Industrivarden are two of the largest investors in Ericsson with big voting rights and a say on how the company is operated.Īn Investor AB spokeswoman said Ericsson's Board and management had its full support. 'What has emerged with the 'Iraqi situation' is a remnant of this old mismanagement, ' Cevian's Gardell said. investigation into its anti-corruption programme. authorities under the terms of its DPA.Īnalysts said if Ericsson had not shared its findings with the DoJ, this could have posed serious financial risks for the company.Įricsson went through several rounds of restructuring over the past decade and it faced a U.S.

The DoJ did not immediately respond to requests for comment.Īn Ericsson spokesman said it does not comment on dialogue with the U.S. 'As we understand the situation, the DoJ was informed about the internal investigation at the time of the so-called Deferred Prosecution Agreement, and Ericsson losing almost SEK 50 billion in market value yesterday is a strong overreaction,' he said. 'The information that has now emerged is serious and the company’s actions are, of course, unacceptable,' Christer Gardell, Cevian's managing partner and co-founder said in a statement to Reuters.