⚖Panasonic Announces Agreement with the U.S. Department of Justice and U.S. Securities and Exchange Commission Regarding the Avionics Business of its U.S. Subsidiary
Osaka, Japan – Panasonic Corporation (TSE: 6752, “Panasonic”) and one of its U.S. subsidiaries, Panasonic Avionics Corporation (“Panasonic Avionics”), have entered into agreements with the United States Securities and Exchange Commission (“SEC”) and the United States Department of Justice (“DOJ”), respectively.
The agreements resolve investigations that were previously disclosed in a February 2, 2017
press release.Panasonic Newsroom Global
https://news.panasonic.com/global/topics/2018/57165.html
Panasonic Avionics Corporation Agrees to Pay $137 Million to Resolve Foreign Corrupt Practices Act Charges
Panasonic Avionics Corporation (PAC), a subsidiary of multinational electronics company Panasonic Corporation (Panasonic), has agreed to pay a $137.4 million criminal penalty to resolve charges arising out of a scheme to retain consultants for improper purposes and conceal payments to third-party sales agents, in violation of the accounting provisions of the Foreign Corrupt Practices Act (FCPA).
OPA | Department of Justice
SEC.gov | Panasonic Charged With FCPA and Accounting Fraud Violations
The Securities and Exchange Commission today announced that Japan-based Panasonic Corp. will pay more than $143 million to resolve charges of Foreign Corrupt Practices Act (FCPA) and accounting fraud violations involving its global avionics business.
https://www.sec.gov/news/press-release/2018-73
Panasonic hit with $280m corruption fine
Japanese electronics giant Panasonic has agreed to pay more than $280m (£203m) to resolve charges brought under US anti-corruption law.
The US said the firm’s in-flight entertainment division hired consultants for “improper” purposes and concealed payments to sales agents in China and elsewhere in Asia.
The US said the acts violated the Foreign Corrupt Practices Act.
Panasonic did not respond to a request for comment.
The payments were made by US-based subsidiary, Panasonic Avionics Corp, between 2007 and 2016, the US said.
BBC News