The U.S. Securities and Exchange Commission is investigating Siemens AG, Philips...
SAO PAULO - The U.S. Securities and Exchange Commission is investigating Siemens AG, Philips NV and General Electric Co for allegedly using local middlemen to negotiate bribes with Chinese government and hospital officials to sell medical equipment, two U.S. sources with knowledge of the matter told Reuters.
Reuters reported in May that the SEC, along with the U.S. Justice Department and FBI, were investigating Siemens, GE and Philips - as well as Johnson & Johnson - for allegedly paying bribes to win contracts in Brazil. The four companies all denied any wrongdoing in Brazil. In both markets, the companies benefited not only from the sale of the equipment but also from the bigger profit margins to be made on servicing it during its 10-to-15 year lifespan as well as selling software updates, spare parts and the materials used in operating the machines, the sources said.
The lawsuit includes translations of Chinese criminal court rulings finding middlemen who sold GE equipment guilty of bribing Chinese government and hospital officials. Some hospital administrators confessed in open court and received prison sentences, according to rulings cited in the lawsuit. GE was not charged in the Chinese court rulings included as evidence.
Amsterdam-based Philips said in an emailed statement it is “fully complying with local and international anti-bribery and anti-corruption laws.” Philips said it was “not involved” in any of the transactions in the criminal cases in China and that it makes extensive efforts to ensure its third-party agents act lawfully.
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