Compliance officers have yet another massive bribery case to add to their growing library of epic anti-corruption compliance failures. This one is a result of the largest Foreign Corrupt Practices Act enforcement action of all time.
Teva Pharmaceutical Industries and its wholly-owned Russian subsidiary, Teva, entered into resolutions with the SEC and Department of Justice last month and agreed to pay more than $519 million in total fines and penalties to settle parallel civil and criminal charges for paying bribes to foreign government officials in Russia, Ukraine, and Mexico. It also entered into a deferred prosecution agreement with the Justice Department.
Among Teva’s admissions in resolving the charges:
- Teva executives and Teva Russia employees paid bribes to an influential Russian government official in exchange for increased sales of Teva’s multiple sclerosis drug, Copaxone... To get the full story, subscribe now.