[ad_1]
Philips totally cooperated with the SEC and DOJ. The corporate undertook an intensive inside investigation into the matter, supported by third-party consultants, and took remedial measures. Underneath the phrases of the settlement, which considerations Philips’ compliance with the inner controls and recordkeeping provisions of the U.S. International Corrupt Practices Act (FCPA), and with out admitting or denying the SEC’s allegations, Philips pays a complete quantity of roughly USD 62 million (roughly EUR 57 million) in disgorgement, civil penalties, and pre-judgment curiosity.
Resolving these legacy issues is necessary to Philips. Everybody at Philips is dedicated to attaining and sustaining the very best requirements in its world enterprise, constructing on a tradition of integrity and compliance. Philips has considerably invested within the deployment and enhancement of compliance insurance policies, procedures, controls, and consciousness applications, that are commonly reviewed and up to date.
[ad_2]
Source link