Stryker Corporation (SYK) to Pay $13.2 Million to Settle Charges Related to Violations of the Foreign Corrupt Practices Act
10/25/2013 7:22:28 AM
An investigation by federal authorities found that Stryker Corp. subsidiaries in five foreign countries made illicit payments and tried for several years to bribe doctors, health care professionals and government-employed officials in order to obtain or retain business. Stryker has agreed to pay more than $13.2 million to settle the charges. The SEC charged the Kalamazoo-based medical technologies company with violating the Foreign Corrupt Practices Act, alleging that its subsidiaries in Argentina, Greece, Mexico, Poland and Romania made illicit payments totaling approximately $2.2 million "that were incorrectly described as legitimate expenses in the company’s books and records."
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