Philips settles SEC China corruption probe with $62 million payment

12.05.2023, 10:39 dutchnews.nl

Medical technology company Philips has agreed to a $62 million (€58 million) out of court settlement with the US securities watchdog SEC to head off legal action over corruption claims in China.

The US regulators say Philips broke US anti-bribery laws by influencing public officials at Chinese state-run hospitals.

Philips agreed to settle the claims without admitting to or denying the findings from the SEC documentation. The payment comprises a $15 million fine and a $47 million based on illegal earnings.

The Wall Street Journal quoted Philips as saying the agreement brings the SEC’s probe into bidding irregularities at its operations in China to a close.

Separate SEC inquiries into similar allegations in Brazil and Bulgaria, as well as a parallel investigation by the Justice Department, have also ended, the WSJ said.

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