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Dutch electronics company Philips to pay 4.5-mln-USD fine for bribery

Souce:Xinhua Publish By Updated 10/04/2013 4:31 am in Business / no comments

 

THE HAGUE, April 9 — Electronics company Royal Dutch Philips agreed to pay U.S. regulators a 4.5-million-U.S. dollar fine due to bribery and corruption in Poland, Dutch public broadcaster NOS reported Tuesday.

The U.S. financial watchdog Securities and Exchange Commission (SEC) posted documents on its website, stating that Philips violations “relate to improper payments made by employees of Philips’s Polish subsidiary, Philips Polska sp.”

The violations took place through Philips’s operations in Poland from at least 1999 through 2007.

According to the documents, in at least 30 cases, employees of Philips Poland made improper payments to public officials of Polish healthcare facilities to increase the likelihood that public tenders for the sale of medical equipment would be awarded to Philips.

Philips spokesperson Steve Klink told Xinhua that the company has taken several measures to avoid such practices in the future.

“As part of the remedial measures, Philips terminated and disciplined several Philips Poland employees and installed new management at Philips Healthcare in Poland. Philips has also taken additional measures to reinforce its internal controls,” Klink said.

Royal Dutch Philips is a Dutch-based company that manufactures and supplies goods and services related to healthcare, consumer lifestyle and lighting business sectors.

 

 
 
 
 
 

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