Fresenius will pay $231M to settle bribery charges

Fresenius Medical Care has agreed to pay more than $231 million to resolve civil and criminal allegations that it paid bribes to public health and government officials in several countries to secure business, according to the Department of Justice.

As part of the settlement, Fresenius, a German-based dialysis clinic operator, admitted to paying bribes to officials in Saudi Arabia and Angola between 2007 and 2016. During that time, the company also failed to implement proper internal accounting controls over financial transactions in several countries, including Angola, Saudi Arabia, Morocco, Spain and Turkey.   

"Fresenius doled out millions of dollars in bribes across the globe to gain a competitive advantage in the medical services industry, profiting to the tune of over $140 million," Assistant Attorney General Brian Benczkowski said in a press release

To resolve the case, Fresenius entered into a nonprosecution agreement with the Justice Department and agreed to pay a criminal penalty of $84.7 million. The company also agreed to pay the Securities and Exchange Commission $147 million to settle a related Foreign Corrupt Practices Act matter.

More articles on legal and regulatory issues:

13 latest healthcare industry lawsuits, settlements
Ex-biotech CFO sentenced to prison for embezzlement
West Virginia hospital, CEO hit with kickback suit

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months