Defendant Name:
Panasonic Corporation
Defendant Type:
Other
SIC Code:
3651
CUSIP:
69832A20
Document Reference:
2018-73
Document Details
Legal Case Name
In the Matter of Panasonic Corporation
Document Name
Panasonic Charged with FCPA and Accounting Fraud Violations
Document Date
30-Apr-2018
Document Format
Administrative Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
The SEC stated that: "The Securities and Exchange Commission today announced that Japan-based Panasonic Corp. will pay more than $143 million to resolve charges of Foreign Corrupt Practices Act (FCPA) and accounting fraud violations involving its global avionics business. According to the SEC's order, Panasonic's U.S. subsidiary, Panasonic Avionics Corp. (PAC), a provider of in-flight entertainment and communication systems, offered a lucrative consulting position to a government official at a state-owned airline to induce the official to help PAC in obtaining and retaining business from the airline. At the time it orchestrated the bribery scheme, PAC was negotiating two agreements with the airline valued at more than $700 million. PAC ultimately retained the official and paid approximately $875,000 for a position that required little to no work, using an unrelated third-party vendor to conceal the payments. The SEC's order also found that Panasonic fraudulently overstated pre-tax and net income by prematurely recognizing more than $82 million in revenue for the fiscal quarter ending June 30, 2012. The fraud was accomplished by PAC backdating an agreement with the airline and providing misleading information to PAC's auditor."
