Panasonic to pay $280 million to settle federal corruption probe

By: |
Updated: May 1, 2018 3:31:30 AM

Federal prosecutors announced Monday that Panasonic will pay $143 million to the Securities and Exchange Commission. Meanwhile its Southern California subsidiary, Panasonic Avionics, will pay $137 million in penalties to the U.S. Justice Department.

Panasonic Corp. will pay about 0 million to resolve federal charges that executives at its in-flight entertainment unit improperly hid payments to consultants overseas. (Reuters)

Panasonic Corp. will pay about $280 million to resolve federal charges that executives at its in-flight entertainment unit improperly hid payments to consultants overseas. Federal prosecutors announced Monday that Panasonic will pay $143 million to the Securities and Exchange Commission. Meanwhile its Southern California subsidiary, Panasonic Avionics, will pay $137 million in penalties to the U.S. Justice Department.

Email and phone messages seeking comment from Panasonic were not immediately returned. Government officials say the investigation concerned payments to consultants in Asia, at least one of which did little or no work. The company is accused of concealing payments to third-party sales agents, in violation of the accounting provisions of the Foreign Corrupt Practices Act. Officials say those payments were improperly recorded in Panasonic’s regulatory filings.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.