AMSTERDAM Dec 24 Philips said it is
looking into allegations that its medical equipment sales to
Russia - one of the emerging markets where it is experiencing
strong growth - ran afoul of the U.S. Magnitsky Act.
The act was passed in the United States with a view to
sanctioning several Russian officials thought to be responsible
for the death of Russian lawyer Sergei Magnitsky who worked for
Hermitage Capital, an American fund which invested in Russia.
The Financial Times reported on Tuesday that a complaint had
been filed by William Browder, the co-founder of Hermitage
Capital, against Philips.
The newspaper said Browder alleged that Philips appeared to
have violated U.S. sanctions laws by selling its ultrasound
machines and CAT scanners to RT-Medintegrator, which it said had
been headed by one of the Russian officials named in the
"Philips is aware of Hermitage Capital's allegations. We are
looking into the matter, but at this point we cannot provide any
further comments," the company said in an emailed statement.
Philips shares were down 0.13 percent at 0935 GMT.
The Dutch healthcare equipment, lighting and consumer
appliances group has started to reap the rewards of a turnaround
strategy that includes increasing sales and profits in emerging
markets such as Russia and China.