Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Olympus to pay $646 mn in fines for bribing US hospitals, doctors

by Compiled from Wire Services

WASHINGTON Mar 01, 2016 - 12:00 am GMT+3
 Reuters Photo
| Reuters Photo
by Compiled from Wire Services Mar 01, 2016 12:00 am

The US unit of Japan's camera and hospital equipment maker Olympus agreed to pay $646 million Tuesday to settle charges it gave hospitals and doctors kickbacks to buy its endoscopes.

To boost its sales, Olympus Corp. of the Americas gave free trips to Japan to doctors who got their hospital to buy Olympus equipment; it gave a financial grant to another hospital in exchange for a sale; and it blocked a grant to another hospital until it agreed to buy Olympus equipment, the US Justice Department said.

A unit of OCA engaged in similar behavior in Latin America as well, the department said.

It said the kickback practices between 2006 and 2011 helped the company obtain more than $600 million in sales and $230 million in profits.

The company was charged in a criminal complaint Tuesday with violating anti-kickback laws and the US Foreign Corrupt Practices Act (FCPA).

But prosecution on the charges was deferred as the company cooperated in the investigation and agreed to the fines and remedial actions.

The fines included a $312.4 million criminal penalty and $310.8 million to settle civil claims. An additional $22.8 million fine addresses the FCPA charges.

The firm's Latin American medical business will pay $22.8 million to resolve a separate criminal case.

"The Department of Justice has longstanding concerns about improper financial relationships between medical device manufacturers and the health care providers who prescribe or use their products," said Principal Deputy Assistant Attorney General Benjamin Mizer in a statement.

"Such relationships can improperly influence a provider's judgment about a patient's health care needs, result in the use of inferior or overpriced equipment, and drive up health care costs for everybody."

In a statement OCA said it "acknowledges the Company's responsibility for the past conduct, which does not represent the values of Olympus or its employees."

"Olympus is committed to complying with all laws and regulations and to adhering to our own rigorous Code of Conduct."

  • shortlink copied
  • Last Update: Mar 02, 2016 4:58 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    homepage
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    In photos: COVID-inspired street graffiti
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021