Panasonic in bribery probe
Panasonic Corp said its avionics unit is being investigated by US authorities for possible violations of the Foreign Corrupt Practices Act (FCPA) and that it is currently involved in negotiations with US officials to resolve the investigation.
Panasonic said the avionics unit, which is one of the industry’s top suppliers of in-flight entertainment systems, is being probed by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) but it did not detail the specific nature of the investigation. The Wall Street Journal reported four years ago that the company was being investigated and it is unclear if the announcement was related to that earlier probe.
The company also announced it was changing CEOs at the avionics unit and was replacing current chief executive Paul Margis, who has headed the company since 2005. Panasonic Avionics is headquartered in California with over 4,500 employees globally. In addition to in-flight entertainment, it supplies communications equipment to airlines.