Novartis to settle China bribe case for US$25m
Hong Kong
NOVARTIS AG agreed to pay US$25 million to settle a US Securities and Exchange Commission case that claimed the Swiss drugmaker violated the Foreign Corrupt Practices Act by paying bribes to health professionals in China to increase sales from 2009 to 2013.
The SEC issued a cease-and-desist order late on Wednesday saying Novartis submitted a settlement offer and the agency has accepted it. The company's payment includes US$2 million in a civil penalty and US$1.47 million in interest, according to the order posted on the SEC's website. Novartis didn't admit or deny the SEC's claims.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Restaurant Brands tops estimates as Burger King overhaul pays off
Walmart to shut all health centers in US over lack of profitability
Coca-Cola raises annual sales forecast on global demand, higher prices
Dying salmon trouble Norway’s vast fish-farm industry
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
Billionaire Geiger is said to near US$7 billion L’Occitane buyout