Panasonic, a Japanese multinational electronics company, today issued a statement disclosing that it’s being investigated for potential violations of the Foreign Corrupt Practices Act.
Panasonic would only state that the Department of Justice and the Securities and Exchange Commission are investigating the business operations of its U.S. subsidiary, Panasonic Avionics. It would not specify, however, the nature of the investigation.
In March 2013, The Wall Street Journal reported that U.S. enforcement authorities were investigating Panasonic Avionics concerning allegations that it paid bribes overseas to airline employees or government officials in exchange for business. Executives and employees in Asia, Europe, and the Middle East received notices, the Journal reported.
Panasonic added that it has been cooperating with the authorities and that it will provide further information “at the appropriate time.”