Settlements

ST-489
PTC Inc. / Parametric Technology (Shanghai) Software Company Ltd. and Parametric Technology (Hong Kong) Limited
PTC Inc.
United States
Department of Justice
China
2016
2/16
Unknown
Legal Person
Criminal
Non-Prosecution Agreement
Criminal Fine
$14,540,000
$14,540,000
$0
$0
$0
$0
NA
Art.16
Art. 1, Art. 2
Bribery of Foreign Officials
Bribery of Foreign Officials
Yes
The US Department of Justice Press Release stated, "According to admissions made in the resolution documents, Parametric Technology (Shanghai) Software Company Ltd. and Parametric Technology (Hong Kong) Ltd. (collectively, PTC China), through local business partners, arranged and paid for employees of various Chinese state owned enterprises to travel to the United States, ostensibly for training at PTC Inc.’s headquarters in Massachusetts, but primarily for recreational travel to other parts of the United States, including New York, Los Angeles, Las Vegas and Hawaii. PTC China paid a total of more than $1 million through its business partners to fund these trips, while during the same time period, PTC China entered into more than $13 million in contracts with the Chinese stateowned entities. Company employees typically accompanied the Chinese officials on these trips. PTC China admitted that the cost of these recreational trips was routinely hidden within the price of PTC China’s software sales to the Chinese state owned entities whose employees went on the trips." (Source: US Department of Justice, "PTC Inc. Subsidiaries Agree to Pay More Than $14 Million to Resolve Foreign Bribery Charges," February 16, 2016.)