Washington, D.C.–(Newsfile Corp. – May 11, 2023) – The Securities and Exchange Commission today announced that Amsterdam-based Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales of medical diagnostic equipment in China.
According to the SEC’s order, Philips’ subsidiaries in China, cumulatively referred to in the order as Philips China, used special price discounts with distributors that created a risk that excessive distributor margins could be used to fund improper payments to government employees. The SEC’s order also found that employees, distributors, or sub-dealers of Philips’ subsidiaries in China engaged in improper conduct to influence hospital officials to draft technical specifications in public tenders to favor Philips’ products. For example, the order found that, in one instance, a district sales manager at Philips China provided funds to a hospital director in return for the director’s assistance in the procurement process, and, in another instance, Philips China employees discussed tailoring technical specifications for a public tender with hospital directors so that only Philips China and two other manufacturers would qualify for the bid.
The order further found that the employees, distributors, or sub-dealers engaged in improper bidding practices by preparing additional bids with other manufacturers’ products to create the appearance of legitimate public tenders and to meet the minimum bids requirement under Chinese public tender laws.
“This matter highlights the need for companies to design and implement internal accounting controls sufficient for the scale of their business. Despite remediation done in connection with its prior violations, Phillips nevertheless failed over the course of several years to implement sufficient internal accounting controls with respect to its sales of medical technology products in China,” said Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit.
In April 2013 the Commission charged Philips in connection with similar misconduct in Poland that had occurred between 1999 and 2007.
Philips consented to today’s SEC order without admitting or denying the findings that it violated the books and records and internal accounting controls provisions of the Securities Exchange Act of 1934, and agreed to pay $15 million in civil penalties and more than $47 million in disgorgement and prejudgment interest.
The SEC’s investigation was conducted by Christine E. Neal, Michael K. Catoe, Paul W. Sharratt, and Sonali Singh.
NOVASPARKS EXPANDS ITS OPERATIONS IN ASIA-PACIFIC
NovaSparks™, the leading field programmable gate array (FPGA) market data company, is pleased to announce the appointment of Clément Pelletier as the new sales and marketing director, based in Bangkok, Thailand. Pelletier will report to Dr. Luc Burgun, CEO and president, beginning on December 1st, 2023.
“Clément possesses a wealth of experience that makes him unique in the industry,” said Luc Burgun, NovaSparks’ chief executive officer and president. “His thorough understanding of the sales process, particularly in the field of trading tools which he acquired over 20 years in Asia, makes him ideally suited to drive our sales and marketing initiatives in APAC. We are pleased to welcome Clément and look forward to his leadership in expanding our operations in Asia.”
Pelletier brings to NovaSparks solid experience in sales and marketing in Asia. Most recently, he served as sales director for the APAC office of Horizon Software, a global leader in electronic trading solutions and algorithmic technology. Prior to Horizon Software, he served as CEO of CPIT, an IT services and consulting, specialized in the Fintech industry, based in Hong Kong. Pelletier holds a Master of Engineering from INSA Lyon.
Broadridge Investment Management Technology Enhances Carlyle’s Private Credit and CLO Portfolio Management Operations
Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announced today that its cloud-based solution, Sentry, has been implemented at global investment firm Carlyle in support of its private credit and collateralized loan obligation (CLO) portfolio management. The Sentry private credit and CLO portfolio management technology will enable Carlyle to more efficiently manage its deal pipeline, trade compliance and loan operations on a single platform, and scale operations as the platform grows.
“With increased demand in credit products and ongoing growth of our product offerings, we wanted the right technology that would enable us to scale up and achieve a platform approach,” said Jim Keogh, Carlyle’s Managing Director and Head of Operations for Global Credit. “Sentry has smoothly integrated with our technology stack and provides functionality that will improve our capabilities as we grow.”
“Working closely with Carlyle, we customized Sentry to specifically suit their portfolio management requirements, which emphasized the need to help manage all aspects of private credit and CLO administration,” said Mike Sleightholme, Broadridge’s president of international and head of asset management solutions. “This implementation really showcases the value of the flexibility and scalability our solution offers and how it helps position firms for growth.”
Broadridge’s Sentry PM is a scalable web-based solution that provides front-to-back-office functionality to both the private debt and syndicated loan markets to increase overall efficiency, including research and pipeline management, pre- and post-trade compliance, analysis of hypothetical trade scenarios, dynamic waterfall projections, loan administration, and data aggregation across strategies, portfolios and assets.
Nuvei enters global payments partnership with Microsoft
Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has partnered with Microsoft to deliver leading payment experiences for customers of its products, solutions, and services across many of its key markets.
Microsoft will start using Nuvei’s customizable and agile payments technology in the Middle East and the Africa region, while benefiting from Nuvei’s deep knowledge of local markets to optimize its payments for recurring billing and individual transactions across both its Office and Xbox product ranges.
Other benefits of Nuvei’s global payments capabilities Microsoft is harnessing include optimized authorization rates through local acquisition and superior risk management that minimize false declines, as well as Nuvei’s ability to offer all of the relevant local alternative payment methods (APMs) to each market through a single integration. Philip Fayer, Nuvei Chair and CEO said: “Enabling Microsoft to connect to its customers across a wide range of products is testament to our technology and dedication to world-class customer service. We’re excited to optimize payments for such a universal brand that is trusted and relied upon by so many people.”
“We’re pleased to extend our payment solutions to the Middle East and African region,” added Ajith Thekadath, Vice President Global Payments at Microsoft. “Whether it is a one-off purchase, software subscription, or in-game purchasing, payments are critical to our overall customer experience. Partnering with Nuvei enables our customers to pay wherever they are and whenever they want to.”
Extending the partnership across geographies and use cases
Nuvei and Microsoft are committed to extending this partnership across additional markets, as well as exploring new use cases to enhance the overall Microsoft experience. This includes Microsoft Dynamics 365, its business applications technology suite that drives operational efficiency and improved enterprise resource management.
Fayer commented: “As two innovative, technology-led businesses that provide solutions to many of the leading international brands across the globe, it makes sense to explore how we can work more cooperatively as we grow our commercial relationship.”
- FP Markets Awarded Best Forex Trading Tools 2023 by FXScouts
- Banco Safra Files Lawsuit to Prevent Americanas and Its Controlling Shareholders from Moving Forward with Deficient Restructuring Plan
- Collagen Gummy Sales Propelled by Convenience, Taste, and Health Benefits to Reach US$378 Million by 2033 | Future Market Insights, Inc.
- Accounting Services Market to Reach $ 1.5 Trillion, Globally, by 2032 at 9.2% CAGR: Allied Market Research
- Liangzhu Forum Kicks Off in East China Hangzhou.
- Chinese Firms Show Resilient Interest in U.S. IPOs Despite Regulatory Hurdles
- Miami International Holdings Announces New MIAX Sapphire Options Trading Floor to be Located in Wynwood District of Miami; 38,400 Square Foot Facility will Include Office Space for MIAX Employees and Market Participants
- Sapiens Releases Latest Version of IllustrationPro and ApplicationPro with Enhanced Digital Engagement
- PwC selects Mohamed Kande as next Global Chair
- Industry comes together around Mission Possible Partnership’s ‘real-world’ roadmap towards net zero-emissions in concrete & cement
- Trading Technologies taps three experienced capital markets business leaders for new senior management roles, effective Jan. 1
- The 2023 Understanding China Conference: Gathering and Revealing Diverse Insights on Convergence of Interests for a Shared Future
- Huawei Partners with Global Peter Drucker Forum to Empower European SMEs
- Tech Adoption is fuelling the future of Payroll for Irish Businesses, according to SD Worx, formerly Intelligo
- Unlocking Potential: Saudi Arabia’s ICT Market Insights Revealed by Infinium Global Research
Fintech PR7 days ago
Webexpenses teams up with Wise Platform to streamline expense management payments for businesses
Fintech PR6 days ago
State National entering the UK market in 2024
Fintech PR7 days ago
CredibleX Unleashes Next-Generation Lending Solutions with New ADGM Licenses and Targets 20,000 Companies in 2024
Fintech PR6 days ago
The Electric Boat Boom is Heating Up With The Most Important Deal Yet
Fintech PR6 days ago
Reorg Appoints Jeff Winter as CMO
Fintech PR7 days ago
Bybit Celebrates 5 Years of Disrupting the Game with 20 Million Users Milestone
Fintech PR6 days ago
CUNARD LAUNCHES CAPSULE CRUISE COLLECTION IN COLLABORATION WITH FASHION STYLIST BAY GARNETT AND CIRCLE OF STYLE
Fintech6 days ago
Mozrt’s Collaboration with BOK Financial: Revolutionizing Cross-Border Payments