Defendant Name: Koninklijke Philips N.V.

Defendant Type: Public Company

Document Reference: 2023-92

Document Details

Legal Case Name In the Matter of Koninklijke Philips N.V.
Document Name Dutch Medical Supplier Philips to Pay More Than $62 Million to Settle FCPA Charges
Document Date 11-May-2023
Document Format Administrative Proceeding
File Number 3-21411
Allegation Type Foreign Corrupt Practices Act
Document Summary On May 11, 2023, the SEC "announced that Amsterdambased Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales of medical diagnostic equipment in China."

Disgorgement & Penalty Information

Resolutions
None Specified
Monetary Penalties:

Disgorgement

Individual:     $47,000,000.00 Shared:    

Civil Penalty

Individual:     $15,000,000.00 Shared:    

Pre-Judgment Interest

(Penalty was noted in document, but no amount was listed)

Total Penalty

Individual:     $62,000,000.00 Shared:    

Related Documents:

34-97479 11-May-2023 Administrative Proceeding
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
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. "