Philips to pay USD 62 milllion to resolve charges it violated US law
Advertisement
Washington: Dutch medical device maker Philips will pay $62 million (56 million euros) to resolve charges it violated the Foreign Corrupt Practices Act over its conduct related to sales of medical equipment to China, the US Securities and Exchange Commission said.
Philips said the settlement related to allegations of "irregularities in the medical device industry" in China between 2014 and 2019, for which it took a provision in the fourth quarter of last year.
"Without admitting or denying the SEC's allegations, Philips will pay a total amount of approximately $62 million in disgorgement, civil penalties, and pre-judgment interest", the company said in a statement released on Friday.
The US Department of Justice (DoJ) had now closed its parallel inquiry into the matter, the Amsterdam-based company added.
In its 2022 annual report Philips said it had made a provision of 60 million euros regarding SEC and DoJ investigations into alleged tender irregularities it said it was addressing in China, Brazil and Bulgaria
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.