Defendant Name:
Koninklijke Philips N.V.
Defendant Type:
Public Company
SIC Code:
3845
CUSIP:
50047230
Document Reference:
34-69327
Document Details
Legal Case Name
In the Matter of Koninklijke Philips Electronics 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 and Disgorgement
Document Date
05-Apr-2013
Document Format
Administrative Proceeding
AAER
3452
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On April 5, 2013, the SEC issued an order instituting cease-and-desist proceedings pursuant to Section 21C of the Exchange Act against Koninklijke Philips Electronics N.V. for FCPA violations. According to the SEC: "This matter concerns violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act ('FCPA') by Philips. The violations took place through Philips's operations in Poland from at least 1999 through 2007. The violations relate to improper payments made by employees of Philips's Polish subsidiary, Philips Polska sp. z o.o. ('Philips Poland') to healthcare officials in Poland regarding public tenders proffered by Polish healthcare facilities to purchase medical equipment." On April 5, 2013, the SEC announced that it had accepted Koninklijke Philips Electronics N.V.'s offer of settlement and imposed a cease-and-desist order and disgorgement.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$3,120,597.00
Shared:
Pre-Judgment Interest
Individual:
$1,394,581.00
Shared:
