Panasonic says its avionics business under probe by US authorities

TOKYO: Panasonic Corp said on Thursday its avionics business is being investigated by the US Department of Justice (DOJ) and Securities and Exchange Commission (SEC) under the Foreign Corrupt Practices Act (FCPA) and US securities-related regulations.

In a stock exchange filing, the Japanese electronics maker said its US-based Panasonic Avionics Corp unit is under probe by the authorities. It did not specify the nature of the investigation.

Panasonic said it has been fully cooperating with the investigation and has begun talks with the DOJ and the SEC to resolve the matter.

Panasonic officials were not immediately available for comment.