RISK MANAGEMENT CONSULTANCY

YOUR PARTNER IN AN UNCERTAIN WORLD

Medical supply firm ordered to pay US$22.7m fine for bribery

news
| 2012-03-27 |

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.

for more info follow the link

The kidnapping industry seems to be booming in Cambodia with the recent discovery of five bodies in a car owned by a Frenchman who had been missing along with his four children.
In the Health Show, BBC presents a subject about fighting against counterfeits drugs in Cambodia in cooperation with AGR
Offenders from Malaysian Anti-Corruption Commission's list are banned from USA
A former executive with Citibank in Indonesia is sentenced for fraud
An American medical supply firm was ordered to pay a US$22.7m for violating the US’ Foreign Corrupt Practices Act (FCPA)
Media are reporting that Vietnam's economic miracle has failed.