China fines British pharmaceutical firm for bribery
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.
Related Articles
China pledges measures to boost demand and investment
China’s growth has been slowing in recent times. Its economy expanded by an annual rate of 8.1% in the first
Pakistan Procures COVID-19 Vaccine from China
Pakistan has decided to procure vaccine from China’s state-owned company Sinopharm because of its effectiveness and safety to fight against
McDonald's boss Jim Skinner to retire in June
Shares in McDonald’s are down 0.5% after the company said its chief executive, Jim Skinner, was retiring. Chief operating officer
