Posted by keeptalkinggreece in Very Mix
CHICAGO (MarketWatch) — The Securities and Exchange Commission on
Monday charged medical device company Smith & Nephew under the
Foreign Corrupt Practices Act for bribing Greek public doctors over more
than a decade. Smith & Nephew will pay more than $22 million as
part of a deal with the SEC and U.S. Department of Justice. The
complaint alleges that Smith & Nephew subsidiaries used a
distributor that created a “slush fund” to forward payments to doctors
working at government hospitals in Greece in order to win business.
“Smith & Nephew’s subsidiaries chose a path of corruption rather
than fair and honest competition,” said Kara Brockmeyer, chief of the
SEC enforcement division’s Foreign Corrupt Practices Act unit. “The SEC
will continue to hold companies liable as we investigate the medical
device industry for this type of illegal behavior.”
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