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The US Securities and Exchange Commission (SEC) is investigating Philips as well as Siemens and General Electric for using middlemen to sell medical equipment in China, reports Reuters. However, all three companies denied any wrongdoing and said they are unaware of any probe into their China business. The SEC declined to comment.
According to Reuters, citing anonymous sources, the investigation is part of an SEC crackdown on corruption in sales of medical equipment worldwide. It’s illegal for companies with securities listed in the US to engage in bribery to win business. Philips is traded at both the Amsterdam and New York stock exchanges.
Philips CEO Frans van Houten, speaking on Dutch radio, said he’s unaware of any investigation, and that his company would have disclosed it immediately after it surfaced. He added Philips has always endeavored to work with intermediaries of great integrity.