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Novartis to pay $25 million in FCPA case

Jaclyn Jaeger | March 24, 2016

Switzerland pharmaceutical giant Novartis yesterday reached a $25 million settlement with the Securities and Exchange Commission for violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act concerning its operations in China.

According to the SEC’s administrative proceeding, from at least 2009 to 2013, certain employees and agents of Novartis subsidiary, Sandoz China, improperly provided things of value to foreign officials, principally healthcare professionals (HCPs), in exchange for pharmaceutical sales. These payments took varied forms and were intended to influence the HCPs and, thereby, increase sales of Novartis pharmaceutical products.

The SEC further alleged that, between 2011 and 2013, employees and agents of Novartis China made payments to Chinese government officials...

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