Philips to pay USD 62 milllion to resolve charges it violated US law
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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.
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