New York: Panasonic will pay $280 million (Dh1.03 billion) in fines to settle charges over bribes to an employee at government-owned airline to win business for its aircraft electronics unit, US authorities announced Monday.
Panasonic Avionics Corporation, a subsidiary of the Japanese electronics giant, paid $875,000 to install a government official who served as a “consultant” while the government airline was negotiating business with the company, the US Justice Department said.
The payments were made between 2008 and 2014 at a time when PAC was negotiating two agreements with the airline worth more than $700 million, according to the Securities and Exchange Commission, which called the payments “a bribery scheme.”
The SEC did not disclose the name of the airline, but said the bribery occurred in the Middle East.
