Another Little “Slap On The Wrist” For Naughty Glaxo…


 

“…The SEC said the company failed to institute and maintain an adequate system of accounting controls and that it lacked an effective anti-corruption compliance program.

The improper payments in China weren’t accurately recorded on GSK’s books, the regulators said”…

http://www.cnsnews.com/news/article/glaxo-paying-20m-resolve-sec-charges-china-bribery


http://www.cnsnews.com/news/article/glaxo-paying-20m-resolve-sec-charges-china-bribery

 

“…In a statement, the company said it had cooperated with the SEC and it had received credit for taking steps to improve its operations, such as changing how sales representatives are paid and stopping the practice of paying healthcare professionals to speak to doctors about the company’s products.

It also said the U.S. Justice Department, which had opened a parallel criminal investigation into the matter, was closing its probe without any action against the company.”….

 

 

http://www.wsj.com/articles/glaxosmithkline-to-pay-20-million-to-settle-sec-bribery-probe-1475268346

GlaxoSmithKline to Pay $20 Million to Settle SEC Bribery Probe

SEC claimed drugmaker’s Chinese subsidiaries engaged in bribery schemes to increase sales

GlaxoSmithKline PLC agreed to pay $20 million to settle charges that the drugmaker’s Chinese subsidiaries engaged in bribery schemes to increase sales in the Asian country, the Securities and Exchange Commission said Friday.

The SEC alleged that between 2010 and 2013, GlaxoSmithKline’s subsidiary and a China-based joint-venture violated the Foreign Corrupt Practices Act by providing inappropriate gifts to foreign officials, including health-care professionals. The commission also alleged that the payments were often falsely recorded as legitimate expenses.

The bribes took the forms of gifts, improper travel and entertainment with no or little educational purpose, shopping trips and cash, among others, the SEC said in its order.

Glaxo entered into the SEC agreement without confirming or denying the charges, the U.S. agency said in its statement.

In a separate statement, Glaxo said it has installed several reforms, including shifts to the compensation of sales representatives and the end of payments to health-care practitioners for advocating for Glaxo products to other prescribers.

“The U.S. Department of Justice has also concluded its investigation into these matters and will be taking no further action,” Glaxo said in a prepared statement. “The SEC and DOJ investigations were initiated as part of an industry-wide inquiry in 2010.”

A Justice Department spokesman declined to comment.

In 2014, a Chinese court found the company guilty of bribery and penalized Glaxo $491.5 million in the same matter, which was touted at the time by Chinese state media as the largest-ever corporate fine in China.

Five of the company’s managers, including Mark Reilly, its former top China executive, were also convicted of bribery-related charges and received suspended prison sentences.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

Published by

truthman30

An Ex-Seroxat User , here to bring a deeper awareness of the Scandal that is Seroxat .

2 thoughts on “Another Little “Slap On The Wrist” For Naughty Glaxo…”

  1. Of course the Department of Justice declined to comment…they are a band of criminals, robbing the US taxpayers of monies due for GSK crimes. Corrupt to the core under Eric Holder, again an attorney defending GSK…and now his clone, Loretta Lynch seemingly worse-if that is possible.
    It is clear the DOJ is a political hack for Obama and the Democrats…who talk tough and then treat big Pharma with kid gloves.
    The House Judiciary Committee has most of my information regarding the scam 9 year, 3 billion dollar gift to the company…I will soon be copying Ms. Lynch with some of the intricacies of the scam, settled under Holder in late 2012, after I filed the case in January 2003.
    We will see what she does with inside information fingering the Department on their conduct, at the highest levels.
    Don’t hold your breath, they even control the FBI…and Lynch wants to keep her job should the Clinton’s regain another 4-8 yrs.-possible 16 years total…on the public dole in the White House. Think the government is crooked now ? Another 8 years and it will be over in this country…
    I have been in the bowels of the system, and if ordinary citizens saw what I saw during the 9 years my FCA was mishandled — they would not believe the extent of the quid pro quos and corruption.

  2. Another obvious deviation in normal prosecutorial discretion. GSK was operating under 3 “corporate integrity ”
    Agreements as a condition of their paultry punishments.
    I believe all three were violated with the Chinese corruption alone…what are the consequences ??
    MORE FEDERAL BUSINESS…not a ban on doing business with the government as the agreements seem to call for….no the DOJ is a bunch of incompetent and corrupt career prosecutors on the public dole.
    Sara Bloom led my FCA case…I am asking her to reveal who gave her the marching orders to blow up the case with a nine year seal and delay…then deny any effective penalties for GSK. Who was it Ms. BLOOM,
    ERIC HOLDER, OBAMA HIMSELF ? Or perhaps you are where the buck stops in the matter. You know what I know and you also know the settlement was a pitiful waste of time and taxpayers money.
    Is it you who are responsible ? If not, do something for the people of the US for once in your life, and name some names.
    Otherwise I sincerely believe the years and money you wasted on this case are criminal, serious and warrant prosecution.
    What say you Counselor ?

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