Philips to Pay $4.5M to Settle SEC Bribery Charges PDF Print E-mail
Written by Mike Buetow   
Thursday, 11 April 2013 08:54

EINDHOVEN, THE NETHERLANDS -- The parent company of Philips Electronics will pay $4.5 million in fines to settle US Securities and Exchange Commission charges that it violated the books and records and internal control provisions of the Foreign Corrupt Practices Act.

These violations related to improper payments to healthcare officials in Poland regarding the purchase of medical equipment. It is not clear whether the US Department of Justice plans additional charges.

The SEC states that although the company failed to implement a system of FCPA compliance and internal controls, upon becoming aware of the violations of its subsidiary it conducted an internal audit and self-reported the results to the SEC and the DOJ. The company also cooperated with the SEC’s investigation and undertook numerous remedial measures, including installing new management of the subsidiary, improving its internal controls with respect to contract administration, making significant revisions to its global business principles policies, and establishing an anti-corruption training program that includes a certification process.

 

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