Why Did the SEC Charge Medical Device Company Biomet with Foreign Bribery?
Abstract:According to the Securities and Exchange Commission (SEC), Biomet Inc violated the provisions of the Foreign Corrupt Practices Act (FCPA). The violation occurred in the form of bribes that Biomet’s subsidiaries and their agents paid to public doctors in Argentina, Brazil and China for almost a decade in order to bag business.
This article details the allegations against Biomet and the compliance best practices that have to be followed to avoid similar charges.
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