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Teva to pay 519 M dollars to settle bribery allegations


Teva to pay 519 M dollars to settle bribery allegations

Israel’s Teva Pharmaceutical said on Thursday it had agreed to pay $519 million to settle charges it violated the US Foreign Corrupt Practices Act (FCPA).

The settlement with the Department of Justice and the Securities and Exchange Commission relates to conduct in Ukraine, Mexico and a guilty plea by a subsidiary in Russia, and followed a voluntary investigation, Teva said.

Details of the misconduct, which Teva said ended several years ago, were not disclosed.

The SEC’s complaint had alleged that Teva made more than $214 million in illicit profits by making the payments to increase its market share and obtain regulatory approvals.

Teva, the world’s biggest generic drugmaker, said no workers in volved in the improper payments were with the company, and that it had replaced its entire leadership team in Russia in 2013.

The improper conduct did not involve US sales, Teva said.

The Act makes it a crime to bribe foreign government officials to win business regardless of whether the payments are made directly or through other means such as extravagant entertainment or footing the bill for international travel.



Source: Reuters
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