Panasonic Corp. will pay about $280 million to resolve U.S. allegations that executives at its in-flight-entertainment unit improperly hid payments to consultants in the Middle East and Asia, some of whom did little or no work for the company.
The Panasonic parent company, in a settlement announced April 30, will pay $143 million in disgorgement to the Securities and Exchange Commission, while Panasonic Avionics Corp. agreed to pay about $137 million in penalties to the Justice Department for violations of the accounting provisions of the Foreign Corrupt Practices Act.
In addition, Panasonic Avionics, based in Lake Forest, Calif., entered into ...
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