Panasonic Avionics Corporation has announced that it has entered into an agreement with the US Department of Justice (DOJ) to resolve a charge under the US Foreign Corrupt Practices Act (FCPA), the company said.
Panasonic Corporation (Panasonic) has also entered into a settlement agreement with the US Securities and Exchange Commission related to a previously disclosed investigation of the FCPA and other securities laws violations at Panasonic Avionics.
Panasonic and Panasonic Avionics will pay a combined total of approximately USD 280.6 million to the US government in connection with these resolutions. Panasonic Avionics has also agreed to engage an independent compliance monitor for a period of two years, after which Panasonic Avionics will self-report for one year.
Panasonic Avionics Corporation is supplier of inflight entertainment and communication systems. The company´s best-in-class solutions, supported by professional maintenance services, fully integrate with the cabin enabling its customers to deliver the ultimate travel experiences with a rich variety of entertainment choices, resulting in improved quality communication systems and solutions, reduced time-to-market and lower overall costs.
Established in 1979, Panasonic Avionics Corporation, a US corporation, is a subsidiary of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. Headquartered in Lake Forest, California with over 5,000 employees and operations in 80 global locations, it has delivered over 9,000 IFE systems and 2,000 inflight connectivity solutions to airlines. For additional information, visit www.panasonic.aero.