Skip to main content
Menu Icon Menu Icon
Close

FCPA Scorecard Blog

Foreign Corrupt Practices Act & Anti-Corruption

Another Medical Device Case: Philips Settles SEC Administrative Proceeding for $4.5 Million

Poland Philips

On April 5, 2013, Koninklijke Philips Electronics, N.V., the Dutch parent of the Philips group of companies, settled an SEC administrative proceeding for more than $4.5 million.  The SEC alleged that Philips violated the internal controls and books and records provisions of the FCPA based on improper payments by employees of its Polish subsidiary to Polish government officials from 1999-2007 in connection with contracts for medical equipment.  The SEC cited Philips’s voluntary disclosure of the improprieties and subsequent remedial measures in deciding to accept the settlement.

Share page with AddThis