By Aaron Nicodemus2023-05-12T14:19:00
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act (FCPA) when its subsidiaries engaged in improper conduct to win contracts in China.
Philips healthcare subsidiaries in China used special price discounts with distributors to influence contracts with state-run hospitals in Philips’ favor, the Securities and Exchange Commission (SEC) said in its order issued Thursday. The alleged misconduct violated the books and records and internal accounting controls provisions of the Securities Exchange Act of 1934.
Without admitting or denying the SEC’s allegations, Philips agreed to pay $15 million in penalties and more than $47 million in disgorgement and prejudgment interest.
2024-01-25T18:01:00Z By Aaron Nicodemus
Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.
2023-09-28T20:59:00Z By Kyle Brasseur
Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.
2023-08-11T14:52:00Z By Kyle Brasseur
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
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