Defendant Name:
Koninklijke Philips N.V.
Defendant Type:
Public Company
SIC Code:
6719
CUSIP:
50047230
Document Reference:
34-97479
Document Details
Legal Case Name
In the Matter of Koninklijke Philips N.V.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
11-May-2023
Document Format
Administrative Proceeding
AAER
4406
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On May 11, 2023, the SEC instituted settled cease-and-desist proceedings against Koninklijke Philips N.V., stating: "These proceedings arise from violations of the books and records and internal
accounting controls provisions of the Foreign Corrupt Practices Act of 1977 . . . Between 2014 and 2019, Philips China employees, distributors, or sub-dealers engaged in
improper conduct to influence foreign officials in connection with tender specifications in certain
public tenders to increase the likelihood that Philips’ products were selected. "
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$41,126,170.00
Shared:
Civil Penalty
Individual:
$15,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$6,047,633.00
Shared:
