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.
Under a U.S. federal law called the Foreign Corrupt Practices Act of 1977 , it is illegal for Americans, U.S. companies or foreign companies whose securities are listed in the United States to pay foreign officials to win business. If found guilty of violating the act, firms could face fines from the SEC.China's medical device market stood at US$58.63 billion in 2017 - compared to US$10.8 billion for Brazil - according to the most recent data available from the U.S. Commerce Department.
Some details of the alleged scheme in China were included in a shareholder lawsuit against current and former members of GE's board in New York state court, which the company disclosed in its 2018 annual report. The lawsuit accuses GE of colluding with Philips, Siemens and Toshiba Corp's medical unit - which was bought by Canon Inc in 2016 - to fix prices and rig tenders for expensive medical equipment, such as MRI machines and CT scanners, through Chinese middlemen. The lawsuit included public data on how much Chinese hospitals paid for the equipment, which it said was routinely at least 40 percent above the price the middlemen paid to the companies.
Source: Energy Industry News (energyindustrynews.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: US SEC probes Siemens, GE, Philips in alleged China medical equipment scheme - sourcesThe U.S. Securities and Exchange Commission is investigating Siemens AG, Philips NV and General Electric Co for allegedly using local middlemen to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Exclusive: US Justice Dept considering Apple probe - sourcesThe U.S. Justice Department has jurisdiction for a potential antitrust probe of Apple Inc as part of a broader review of technology companies, two ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Athletics - Russia assisting in doping probe into alleged forged documentsMOSCOW: Russia's athletics federation is cooperating with global athletics officials in a probe into allegations that some of its representatives ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Huawei’s legal chief says US equipment ban 'not normal', fear of security threat 'only speculation'Song Liuping says it hopes the “mistakes” in the National Defence Authorization Act can be corrected in court, after Huawei filed a motion for ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Iran-based social media scheme impersonated pressSAN FRANCISCO: Facebook and Twitter said Tuesday (May 28) they shuttered accounts used in an Iran-based social media campaign to sway public ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Modi healthcare scheme won hearts, and votesSITAPUR: While Prime Minister Narendra Modi's nationalist tub-thumping has been widely credited with his recent election win, another factor was ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Modi healthcare scheme won hearts, and votesSITAPUR, INDIA (AFP) - While Indian Prime Minister Narendra Modi's nationalist tub-thumping has been widely credited with his recent election win, another factor was one he kept relatively quiet about: Modicare.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Woman jailed for causing investors to lose some S$700,000 from unauthorised scheme
Source: TODAYonline - 🏆 1. / 99 Read more »
Woman jailed for causing investors to lose some S$700,000 from unauthorised investment scheme
Source: TODAYonline - 🏆 1. / 99 Read more »
CPF Investment Scheme funds post returns of 7.82% on average for Q1Funds under the Central Provident Fund Investment Scheme (CPFIS) posted positive returns of 7.82 per cent on average for the first quarter ended March 31. Average returns from CPFIS-included unit trusts rose 8.48 per cent, while returns on investment-linked insurance...
Source: thenewpaper - 🏆 7. / 63 Read more »
S$26 million in funding for firms to implement water conservation schemesSINGAPORE — Over the next three years, large industrial water users that are keen to implement water recycling or water conservation solutions within their premises can tap on funds of up to S$26 million administered by PUB.
Source: TODAYonline - 🏆 1. / 99 Read more »