Panasonic says its avionics business being probed by US authorities

Panasonic Corp said Thursday its avionics unit is being investigated by US authorities under the Foreign Corrupt Practices Act and that it has recently begun talks with US officials to resolve the matter. Panasonic Avionics Corp, a major supplier of in-flight entertainment systems, is being probed by the Department of Justice and the Securities and Exchange Commission. Panasonic did not specify the nature of the investigation. The Wall Street Journal reported in March 2013 that US authorities were investigating whether Panasonic Avionics paid bribes overseas to airline employees or govt officials to help land business. Separately, the company said it was immediately replacing the unit's CE Paul Margis, who has headed the company since 2005, with his deputy Hideo Nakano. <br/>