Philips to pay $62 million to resolve charges it violated US law By Reuters

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Philips to pay $62 million to resolve charges it violated US law

Published May 11, 2023 08:06PM ET Updated May 12, 2023 05:06AM ET

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Philips to pay $62 million to resolve charges it violated US law

© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) -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.

The U.S. Department of Justice (DoJ) had now closed its parallel inquiry into the matter, the Amsterdam-based company added.

In its 2022 annual report Philips said it had made a provision of 60 million euros regarding SEC and DoJ investigations into alleged tender irregularities it said it was addressing in China, Brazil and Bulgaria.

(1 euro = $1.1008)

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