×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: GSK | drugs | arrested | bribes

GSK Says China Stops Finance Head From Leaving Country

Wednesday, 17 July 2013 09:00 AM EDT

Beijing is preventing GlaxoSmithKline's head of finance for China from leaving the country, as police accuse the British drugmaker of bribing officials and doctors, a spokesman for the drugmaker said on Wednesday.

The travel restrictions on Steve Nechelput were imposed at the end of June and he continues to carry out his work in China, as well as being free to move around the country. He has not been questioned, arrested or detained by police, the spokesman added.

Police have accused GSK of transferring up to 3 billion yuan ($489 million) to 700 travel agencies and consultancies over six years to facilitate the bribes. In response, GSK said it was deeply concerned by the allegations, which it called "shameful."

China is increasingly important for big drug groups, which rely on growth in emerging markets to offset slower sales in Western markets where many former top-selling medicines have lost patent protection.

IMS Health, which tracks pharmaceutical industry trends, expects China to overtake Japan as the world's second-biggest drugs market behind the United States by 2016.

© 2023 Thomson/Reuters. All rights reserved.


Markets
Beijing is preventing GlaxoSmithKline's head of finance for China from leaving the country, as police accuse the British drugmaker of bribing officials and doctors, a spokesman for the drugmaker said on Wednesday.
GSK,drugs,arrested,bribes
174
2013-00-17
Wednesday, 17 July 2013 09:00 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved