March 21, 2018 / 3:43 PM / 2 years ago

Getinge makes another provision for Brazil fraud probe

STOCKHOLM, March 21 (Reuters) - Swedish medical technology group Getinge said on Wednesday it would book a 350 million crown ($42.6 million) provision in the first quarter related mainly to a fraud probe in Brazil.

Brazilian authorities are investigating two of Getinge’s subsidiaries in the country for alleged fraud in bidding proceedings from 2004-2015. The company has said it is cooperating with the investigation.

“Negotiations will continue with relevant authorities and are expected to be finalised during 2018. It cannot be excluded that settlements with relevant authorities will have additional significant effect on the result and financial position of Getinge,” the company said in a statement.

Getinge’s shares, which tumbled as much as 9.6 percent in early Wednesday trade before almost fully recovering, fell again after the statement, and were down 5.8 percent at 1517 GMT.

Getinge, which sells products used in areas such as surgery, intensive-care, infection control and sterilisation, last year made a 69 million crown provision for costs related to the probe.

$1 = 8.2076 Swedish crowns Reporting by Anna Ringstrom; Editing by Niklas Pollard and Mark Potter

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