Philips to pay $62 million to settle U.S. law complaints, ET HealthWorld

Philips to pay $62 million to settle U.S. law complaints, ET HealthWorld

Washington: Dutch medical device manufacturer Phillips It will pay $62 million (€56 million) to settle the alleged violations. Foreign Corrupt Practices Act Regarding acts related to the sale of Medical equipment To China, US Securities and Exchange Commission said Thursday.

Phillips It said the settlement relates to allegations of “misconduct in the medical device industry.” China Between 2014 and 2019, we recorded a provision in the fourth quarter of last year.

“Without admitting or denying the SEC’s allegations, Phillips will pay a total of approximately $62 million in disgorgement, civil penalties and prejudgment interest,” the company said in a statement issued Friday.

of U.S. Department of Justice (Department of Justice) was now closed Parallel research On the matter, the Amsterdam-based company added:

In its 2022 annual report, Philips said it had set aside 60 million euros for SEC and Justice Department investigations into allegations of bid fraud it said it was responding to in China, Brazil and Bulgaria.

  • Published May 12, 2023 at 1:15 PM IST

Join a community of over 2 million industry professionals

Subscribe to our newsletter for the latest insights and analysis.

ETHealthworld Download the App

  • Get real time updates
  • save your favorite articles

Scan to download app

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *