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.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
2025-10-06T16:46:00Z By Aly McDevitt
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
Site powered by Webvision Cloud