Philips to Pay $62 Million to Resolve Charges It Violated the Foreign Corrupt Practices Act

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 U.S. Securities and Exchange Commission said on Thursday.

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.

“Without admitting or denying the SEC’s allegations, Philips will pay a total amount of approximately $62 million in disgorgement, civil penalties, and pre-judgment interest”, the company said in a statement released on Friday.

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