Less than a week ago, Philips revealed that it was investigating possible bribery involving one of its subsidiaries. (In case you're curious, the bribery law in question is the U.S. Foreign Corrupt Practices Act, which you can read more about here).
 
Dow Jones now says that 16 hospital directors accepted bribes from Philips' representatives totaling about $1.04 million. However, Philips Polska was not at the center of the bribes because these bribes were not directly from the company; rather, they were offered by Polish firms that sold Philips medical equipment. But a Polish official in the district prosecutor's office says that there is evidence that a bribery fund was created at Philips.
 
Some of you may be wondering how a company based in Amsterdam, with an alleged crime occurring in Poland, would be subject to the U.S. FCPA. Apparently it's because the company's shares are listed in New York (as well as Amsterdam).
 
Let's see if the company offers anything other than the obligatory mention in its annual report. —Lawrence Lloyd