WASHINGTON, Might 11 (Reuters) – Dutch medical gadget maker Philips (PHG.AS) pays $62 million (56 million euros) to resolve fees it violated the International Corrupt Practices Act over its conduct associated to gross sales of medical gear to China, the U.S. Securities and Change Fee stated on Thursday.
Philips stated the settlement associated to allegations of “irregularities within the medical gadget trade” in China between 2014 and 2019, for which it took a provision within the fourth quarter of final 12 months.
“With out admitting or denying the SEC’s allegations, Philips pays a complete quantity of roughly $62 million in disgorgement, civil penalties, and pre-judgment curiosity”, the corporate stated in a press release launched on Friday.
The U.S. Division of Justice (DoJ) had now closed its parallel inquiry into the matter, the Amsterdam-based firm added.
In its 2022 annual report Philips stated it had made a provision of 60 million euros relating to SEC and DoJ investigations into alleged tender irregularities it stated it was addressing in China, Brazil and Bulgaria.
(1 euro = $1.1008)
Reporting by Rami Ayyub
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