Medical supply firm ordered to pay US$22.7m fine for bribery
Biomet, an American medical supply firm was ordered by the US federal government to pay US$22.7 million in fines for violating the country’s Foreign Corrupt Practices Act according to the US Securities and Exchange Commission. The company admitted to that its local units in China and South America paid bribes to doctors and hospitals from 2000-2008 to ensure the sale of its products. The bribes were described on the company's books as consulting fees or vacations in order that they would be overlooked in internal audits. The company was also ordered to improve its internal controls and hire experts to monitor how its employees are complying with those controls to avoid further prosecution. Read AGR briefing on bribery.