The SEC Wednesday charged Texas-based medical device maker Orthofix International with violating the Foreign Corrupt Practices Act when its subsidiary in Brazil made improper payments to doctors at government-owned hospitals to increase sales.
Entries in Orthofix (7)
Employer: Orthofix Inc.
Location: Lewisville, Texas, United States
At the beginning of this year, China's president Xi Jinping promised to fight both "tigers" and "flies" -- high-ranking and low-ranking corrupt officials -- in his crackdown on corruption. Since then, the anti-graft campaign has led to the conviction of Bo Xilai and to the front-page investigations of foreign companies in the pharmaceutical and oil and gas sectors, among others.
Twelve companies settled FCPA enforcement actions in 2012 by paying a total of $259.4 million.
During the quarter just ended, there were five corporate FCPA enforcement actions, one enforcement against an individual by the SEC, four criminal sentencings of individuals, and three and a half corporate declinations.
Here's what happened:
Texas-based medical device company Orthofix International N.V. settled FCPA charges today relating to bribes in Mexico.