Stryker Corp. settled a long-running U.S. foreign bribery case, agreeing on Thursday to pay $13.3 million to the Securities and Exchange Commission to resolve the allegations — without admitting or denying them.
The Kalamazoo, Mich.-based medical device company first disclosed in 2007 that the SEC and the U.S. Justice Department had made inquiries regarding possible violations of the Foreign Corrupt Practices Act, which bars the use of bribes to foreign officials to get or keep business. An SEC investigation found that Stryker’s subsidiaries in Argentina, Greece, Mexico, Poland and Romania made about $2.2 million in illicit payments, describing them in company books as legitimate expenses such as charitable donations, service contracts, travel expenses and commissions. The company made about $7.5 million in profit as a result of the payments, the SEC said. “Stryker’s misconduct involved hundreds of improper payments over a number of years during which the company’s internal controls were fatally flawed,” said Andrew Calamari, director of the SEC’s New York office, in a statement. Joe Cooper, the director of communications for Stryker, said in an email the company has enhanced its company-wide anti-corruption compliance program, and was advised that the Justice Department closed its investigation. A Justice Department spokesman declined to comment. The SEC issued an administrative order (pdf) against Stryker requiring the company to pay... |
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Showing posts with label Poland. Show all posts
Showing posts with label Poland. Show all posts
Wednesday, October 30, 2013
Stryker Corp. Settles FCPA Case, Pays $13 Million
Thursday, September 5, 2013
Italian Plant’s Abrupt Shutdown Stirs a Debate
Like it or not, Italy’s labor force recognizes that the long manufacturing slump may make factory closings inevitable. But this, they say, is no way to do it.
At the start of August, the 30 workers of Hydronic Lift, an elevator components company, wished one another well and left on long-planned summer vacations. But when they returned to work three weeks later, they found the gates bolted with chains and padlocks. The company has not disclosed its plans.
“Not to be emotional, but if a worker goes on holiday with the fear that he might not come back to a job, well, that can cause serious damage to one’s peace of mind,” Alberto Larghi of the metalworkers’ trade union said. “Events like this can ruin vacations for all workers.”
It was only the latest in a headline-grabbing series of factory closures in Italy that the metalworkers’ union, FIOM-CGIL, which represents the workers at Hydronic Lift, denounced as the “popular sport among businessmen in the summer of 2013: transforming the summer shutdown into a definitive termination, with no forewarning, taking advantage that the employees are absent.”
Summer sport is a bit of an overstatement; there have been only a handful of cases, including a factory near Modena where the boss moved the production line for electronic components to Poland under the cover of the August doldrums. But they have stirred a national debate in a country struggling to...
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