by Wadsam | September 20, 2014 7:11 am
China has fined the giant pharmaceutical firm of the UK, GlaxoSmithKline (GSK), USD 490mn for bribing doctors and hospitals in order to have their products promoted.
The court gave its sentence after a one-day trial at a court in Changsha, China.
GSK’s former head of Chinese operations, Mark Reilly, received a suspended three-year prison and he is set to be deported. Other GSK executives have also been given suspended jail sentences.
The scandal has become the biggest corruption scandal to hit a foreign firm in years, with the company being alleged for having made an estimated USD 150mn in illegal profits.
GSK has published a statement of apology to the Chinese government and its people.
Source URL: http://wadsam.com/international-business-news/china-fines-british-pharmaceutical-firm-for-bribery-232/
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