GlaxoSmithKline to pay $20m to settle bribery charges
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GSK will settle allegations that a Chinese subsidiary of the pharmaceutical company bribed foreign officials to increase product sales.
The company agreed to give the SEC status reports for the next two years.
Throughout the period, Glaxo failed to maintain sufficient internal accounting controls and an anti-corruption compliance program, which led to instances of similar improper conduct in other countries, the SEC said.
The company, which didn’t admit or deny the regulator’s findings, agreed to give the SEC status reports for the next two years on its implementation of those anti-corruption measures. ■