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GSK expects 'some impact' from bribery probe in China
2013-08-05
 

IP News

Home > IP News

GSK expects 'some impact' from bribery probe in China

2013-08-05

GSK expects 'some impact' from bribery probe in China

GlaxoSmithKline (GSK) expects "some impact" on its financial performance from a bribery investigation in China.

However, the pharmaceutical giant said it was "too early to quantify" the extent of the scandal.

GSK has been accused by Chinese authorities of directing up to £320m through travel agencies to facilitate bribes to doctors and officials.

On Monday, GSK said senior executives in its China office appeared to have broken the law.

Several GSK employees have been detained over the last few weeks and the firm's British head of finance in China, Steve Nechelput, has been subject to a travel ban since the end of June.

GSK's chief executive, Sir Andrew Witty, said that it appeared the investigation was centred on a number of senior executives in China who were allegedly operating outside of the company's systems and processes.

He described the situation as "shameful" and "deeply disappointing".

"We have zero tolerance for this behaviour and are committed to rooting out corruption," he said.

 

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(Intellectual Property News.com)

(These latest Intellectual Property (IP) news and events presented here, are prepared and compiled by us, the World Patent & Trademark Law Office (WPTO), for your reference and information)