Philips to Pay $4.5M to Settle SEC Bribery Charges PDF Print E-mail
Written by Mike Buetow   
Thursday, 11 April 2013 08:54

EINDHOVEN, THE NETHERLANDS -- The parent company of Philips Electronics will pay $4.5 million in fines to settle US Securities and Exchange Commission charges that it violated the books and records and internal control provisions of the Foreign Corrupt Practices Act.

These violations related to improper payments to healthcare officials in Poland regarding the purchase of medical equipment. It is not clear whether the US Department of Justice plans additional charges.

The SEC states that although the company failed to implement a system of FCPA compliance and internal controls, upon becoming aware of the violations of its subsidiary it conducted an internal audit and self-reported the results to the SEC and the DOJ. The company also cooperated with the SEC’s investigation and undertook numerous remedial measures, including installing new management of the subsidiary, improving its internal controls with respect to contract administration, making significant revisions to its global business principles policies, and establishing an anti-corruption training program that includes a certification process.



Eastern-US: China’s New Competitor?

Parity emerges among EMS Factories from Asia, Mexico and the US.

For the first time in years we see parity in the Eastern US among EMS factories from Asia, Mexico and the US. This EMS market condition will permit American OEMs (the EMS industry refers to OEMs as customers) to have more EMS pathways to choose from. Now more than ever, such EMS assignments will require deeper investigation relating to the OEMs’ evaluation of manufacturing strategies.

The Human Touch

For those who count on the electronics industry for big feats, it’s been a remarkable couple of years.



Advances in Concentration Monitoring and Closed-Loop Control

Contaminated bath water skews refractive index results. New technology can accurately measure aqueous cleaning agent concentration.

Circuits Disassembly: Materials Characterization and Failure Analysis

A systematic approach to nonconventional methods of encapsulant removal.





CB Login



English French German Italian Portuguese Russian Spanish


KIC Debuts K2 Thermal Profiler
K2 thermal profiler has plug-and-play hardware and a graphical user interface said to make profiling both quick and easy. Enables each thermocouple to use its own unique process window, while...