China: Glaxo to Pay $20 Million SEC Fine Over Bribery in China
Author(s): Matt Robinson | Date: September 30, 2016 | Language: English
Source: http://www.bloomberg.com/ | URL: https://goo.gl/iv6fFq | Type: Text
GlaxoSmithKline PLC agreed to pay $20 million to the U.S. Securities and Exchange Commission to settle allegations that a Chinese subsidiary of the pharmaceutical company bribed foreign officials to increase product sales.
The subsidiary and another joint venture provided the officials with gifts, travel and shopping excursions from at least 2010 to June 2013, according to a statement Friday from the agency. Throughout the period, Glaxo failed to maintain sufficient internal accounting controls and an anti-corruption compliance program, which led to instances of similar improper conduct in other countries, the SEC said.
The company agreed to give the SEC status reports for the next two years on its implementation of those anti-corruption measures.
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