Medtronic
Medtronic plc is an American-Irish medical device company with operational and executive headquarters in Minnesota, and legal headquarters in Ireland.
Between 2007 and 2013 Medtronic disclosed FCPA scrutiny concerning its business practices in Greece, Poland, Germany, Turkey, Italy and Malaysia. In mid-2013, Medtronic disclosed: “the SEC and the DOJ both informed the Company that they would be closing their investigations without pursuing any enforcement action or charges against the Company.”
In its most recent quarterly filing, the company disclosed:
“Anti-Corruption Matters
The Company has regular and ongoing interactions with governmental agencies, and its practice is to cooperate with such inquiries. In addition, from time to time, the Company self-discloses potential concerns to governmental regulators. Like many in the medical device industry or with international operations, the Company engages in periodic discussions with the U.S. Securities and Exchange Commission, U.S. Department of Justice, and various authorities in China regarding certain activities, including in China. The Company is committed to regularly evaluating and, as appropriate, strengthening its anti-corruption compliance programs and practices. Any possible future determination that certain of our operations and activities, and/or those of our third-party distributors, are not in compliance with existing laws could result in the imposition of fines, penalties, and equitable remedies in the United States or in other jurisdictions. The Company has not recorded an expense in connection with these matters because any potential loss is not currently probable and reasonably estimable. Additionally, the Company is unable to reasonably estimate the range of loss, if any, that may result from these matters.”
That was vague.
Ultra Electronics
Unlike the Department of Justice, the U.K. Serious Fraud Office (the general equivalent of the DOJ) often discloses investigations.
In 2018, the SFO stated that it opened up a “criminal investigation into suspected offences of corruption in the conduct of business in Algeria by Ultra Electronics Holdings Limited (formerly plc) (“Ultra”), its subsidiaries, employees and associated persons, following a self-report by Ultra.”
In 2003, the SFO “expanded its criminal investigation to include further suspected corruption in the conduct of business in Oman by Ultra, its subsidiaries, employees and associated persons.
Last week, the SFO provided a further update.
“The SFO has extended the existing criminal investigation into the activities of Ultra to permit the investigation of any suspected offences of bribery and corruption or linked offending, including money laundering, committed by Ultra, its subsidiaries, employees and agents in any country, provided the suspected offences are triable in this jurisdiction.”
That was vague.
