US: Panasonic unit settles bribery charges

According to a report by Reuters Panasonic reached a deal with the US government on Monday, April 30, to settle criminal and civil charges that the company falsified its financial books and records in order to conceal payments to sales agents in China and other parts of Asia.

The criminal charges were filed against Panasonic Avionics Corp, a subsidiary that designs in-flight entertainment systems, by the US Justice Department in the US District Court for the District of Columbia.

The Justice Department agreed to hold off on prosecuting the company, according to court records.

In exchange, the company will pay a total of US$280 million to resolve both the criminal and civil charges.

Of that, about US$143 million in disgorgement and interest will be paid to settle parallel civil charges with the US Securities and Exchange Commission which investigates civil violations of the anti-bribery law, court documents said.

Full Content: Reuters

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