Philips Medical System Settles China Charges with SEC

Accounting weaknesses cited

Posted 5/30/23

Koninklijke Philips N.V., a leading global manufacturer of health technology products, has agreed to pay over $62 million in settlement charges brought by the US Securities and Exchange Commission (SEC). The Dutch company has been accused of engaging in improper conduct and bidding practices in China between 2014 and 2019, which involved influencing foreign officials to increase the likelihood of their products being chosen in public tenders.

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