Philips has reached a US$62 million (€57 million) settlement with US authorities over corruption allegations in China. For example, a group that today focuses mainly on medical technology would have influenced hospital managers to choose Philips equipment.
Despite the alleged abuse in China, Phillips still had to settle in the United States. This is because the Dutch company has a stock exchange listing in New York. Any company listed in the US automatically falls under US supervision.
According to the SEC, Phillips would have tried to influence hospitals if they wanted to buy the new technology. The aim was to get hospitals to choose Philips equipment.
For example, the group may have paid a hospital director. Phillips would have encouraged hospitals to change their purchasing criteria. This should increase Philips’ chances and reduce competitors’ chances.
The settlement includes a $15 million fine. The remaining 47 million was money earned in Phillips bribes. The settlement does not mean Phillips admits guilt. The company said that a decision will be made to resolve this issue which has been dragged on for many years.
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