Philips Electronics UK Ltd. to Pay $4.5 Million to Settle FCPA Allegations
Published: Apr 11, 2013
Dutch electronics giant Koninklijke Philips Electronics NV (PHG, PHIA.AE) agreed to pay U.S. regulators $4.5 million to resolve allegations of foreign bribery, a spokeswoman said. The company said in February 2011 that it disclosed an internal investigation to the Securities and Exchange Commission and the Justice Department regarding allegations connected to an indictment issued by Polish authorities in 2009 against three former employees of its subsidiary, Philips Polska sp. z.o.o., who were involved in sales of medical equipment to Polish hospitals. Polish prosecutors had said people who represented Philips paid bribes to hospital directors to induce them to buy Philips' equipment. Amy Shanler, a Philips spokeswoman, said Monday that the SEC imposed a fine of $4.5 million in the case, which the company accepted.