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Browse: Home / 2012 / February / 06 / SEC Charges Smith & Nephew PLC with Foreign Bribery

SEC Charges Smith & Nephew PLC with Foreign Bribery

By Securities Docket on February 6, 2012, 8:11 pm

The SEC’s complaint against Smith & Nephew PLC alleges that its subsidiaries used a distributor to create a slush fund to make illicit payments to public doctors employed by government hospitals or agencies in Greece. On paper, it appeared as though Smith & Nephew’s subsidiaries were paying for marketing services, but no services were actually performed. The scheme basically created off-shore funds that were not subject to Greek taxes to pay bribes to public doctors to purchase Smith & Nephew products.

via SEC Charges Smith & Nephew PLC with Foreign Bribery.–SEC Press Release

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Posted in SEC, Top | Tagged FCPA

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