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Electronics Production | February 22, 2011

Philips: Ex-employees in bribery investigation

Dutch electronics giant Philips Electronics stated in their latest annual report that 3 former employees in Poland are being investigated. The investigation regards possible bribery related to the sale of medical equipment.
"In connection with an indictment issued by authorities in Poland in December 2009 against numerous individuals, including three former employees of Philips Polska sp. z.o.o., involved in the sale of medical equipment to hospitals in Poland, Philips has been conducting a review of certain activities related to sales of medical equipment for potential violations of the U.S. Foreign Corrupt Practices Act (FCPA)", the report states.

Philips has reported the review to the U.S. Department of Justice and the U.S. Securities and Exchange Commission. The Company cannot at this time quantify meaningfully the possible loss or range of loss to which this matter may give rise.

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