Bristol-Myers Squibb hit with $14.6 million SEC fine over Chinese operations
US pharma company Bristol-Myers Squibb (NYSE: BMY) is to pay a $14.6 million fine to the US Securities and Exchange Commission over claims the company violated the Foreign Corrupt Practices Act (FCPA).
Bristol-Myers Squibb is accused of providing cash payments and other benefits to healthcare providers at state hospitals in China via its joint venture, in an attempt to boost prescription drug sales.
The SEC said that the company failed to investigate allegations by whistleblowers that the Chinese unit falsely recorded payments and benefits between 2009 and 2014 as legitimate business expenses. Regulators also said that Bristol-Myers Squibb was slow to remediate gaps in internal controls regarding inappropriate payments identified in internal audits of the Chinese subsidiary between 2009 and 2013.
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