FBI probes J&J, Siemens, GE, Philips in Brazil graft case bribery

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FBI probes J&J, Siemens, GE, Philips in Brazil graft case bribery

US Federal Bureau of Investigation (FBI) had been investigating some of multinational corporate giants such as Johnson & Johnson, General Electric Co., Siemens AG and Philips for allegedly paying millions to Brazilian government officials as part of a conspiration linked to selling medical equipment on the largest Latin American market, two officials of Brazilian financial watchdog had unveiled on Friday, the 17th of May 2019.

In point of fact, Brazilian investigator had been assuming that the beforementioned multinational conglomerates had been funneling illegal payoffs to government officials in order to secure contracts of public health programs across South America over the past two decades.

Apart from that, Brazilian officials had also added that there might been a cartel of more than 20 companies involved in bribing government officials to inflate price of medical equipment such as MRI (Magnetic Resonance Imaging) machines and prosthetics.

The four multinational companies with a market capitalization of $600 billion on Friday’s (April 17th) market closure, are the largest foreign businesses to be probed by Brazilian anti-trust authorities over the recent years.

Concomitantly, over the past five years, Brazilian prosecutors had unveiled wide-ranging state institutions and private-sector companies had been seeking to engage in businesses with them.