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January 10, 2013

Authorities probe Foxconn over bribery allegations

The probe involves a Chinese Foxconn unit that buys surface-mount technology equipment and components.

By CBR Staff Writer

Foxconn said it is is being investigated by Chinese authorities over allegations of bribery at the firm, following reports in Taiwan’s Next Magazine alleging that the firm’s managers had been accepting bribes from parts suppliers.

Foxconn said in a statement that the company is cooperating with law enforcement officials who have been brought in to work with its own internal audit team, as part of an investigation into allegations against a number of Foxconn employees related to illegal payments from supply chain partners.

"We are also carrying out a full review of our policies and practices to identify steps we can take to strengthen such measures to further mitigate against such actions," the firm said.

The current probe involves a Foxconn unit that buys surface-mount technology equipment and components.

This is the latest problem to hit the Taiwanese company, which makes products for firms such as Apple, Panasonic, Samsung and Sony.

A contracted manufacturer for about 40% of the global consumer electronics gadgets, Foxconn is a Taiwanese-headquartered multinational that supplies components to Apple, Intel, Microsoft, Panasonic, Samsung, Sony, Cisco and others.

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