Posted on 09/21/2014 5:35:09 AM PDT by TigerLikesRooster
China Fines GlaxoSmithKline Nearly $500 Million in Bribery Case
By KEITH BRADSHER and CHRIS BUCKLEY
SEPT. 19, 2014
HONG KONG — Global multinationals have invested billions of dollars in China over the last decade, with the prospect of selling to 1.4 billion people. But the promise of China’s growth is increasingly offset by the dangers of being caught up in the country’s anticorruption campaigns and rising economic nationalism.
In the strongest signal yet, a Chinese court on Friday imposed a fine of nearly $500 million on the British pharmaceutical giant GlaxoSmithKline for bribery, dwarfing the penalties in earlier criminal cases
(Excerpt) Read more at nytimes.com ...
P!
P!
Sorry, I might have pinged the wrong crowd.
Your pinger was set correctly : )
Pikers. Obama and Holder shake down U.S. companies to the tune of billions, as in Bank of America. It’s the cost of doing business in Communist countries.
They are probably being “fined” to make up for their shortfall in bribing the right people with the “suggested” amount.
No, your ping was targeted precisely.
Chicoms are using the bribery cases as a way to exact greater price concessions from the rest of the pharma industry.
The Chinese health system is in deep financial trouble at the moment.
I always figured that it being easier to find govt officials to bribe in china is one of the reasons why companies off shore their operations there. They look for nice corporatist (fascist) countries to move to. It’s not just the tax rate.
Yeah, but if a company buys too big to fail status it can do anything it wants with impunity.
Both parties, the Chinese Communists and Glaxco will long term get what they deserve.
Glaxco’s “everybody else is doing it” excuse is what it is.......HOGWASH!
This assumes their “so called” confession wasn’t obtained with a cocked and loaded .45 at the head of the CEO for China Operations.
The Chicoms are slowly, one click at a time, running off desperately needed foreign investment.
Did the judge say that they must give the money to China under the table?
Damned if you do, damned if you don’t. I thought bribes were an accepted and necessary business practice.
You just have to make sure you are bribing the right people.
... and that they stay bought, the definition of an “honorable politician.”
GSK should probably just end operations in China if this is any indication of their future there.
At the direction of idiot fund managers who don't know diddly about property rights and the rule of law.
The $500 million will go to other corrupt people just like the BP and Bank of America etc “fines” here in the USA.
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