On July 27, 2010, the SEC charged General Electric Company and two subsidiaries – formerly known as Ionics, Inc. and Amersham plc – with paying illegal kickbacks to the Iraqi Ministry of Health and Ministry of Oil in connection with sales of humanitarian goods under the United Nations (“UN”) Oil-for-Food Program. Over $3.5 million in kickbacks were allegedly paid between 2000 and 2003 by GE subsidiaries Marquette-Hellige, OEC-Medical Systems (Europa) AG, Nycomed Imaging AS and Ionics Italba S.r.L. GE, Ionics and Amersham consented to the entry of a final judgment permanently enjoining them from future violations of the FCPA’s books and records and internal controls provisions. GE was ordered to pay $22.5 million in disgorgement of profits and prejudgment interest and a $1 million civil penalty.
The Compendium summary of this matter may be accessed here.
