💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

GlaxoSmithKline Launches Probe Into Syria Operations

Published 08/12/2014, 05:49 AM
Updated 08/12/2014, 09:00 AM
GlaxoSmithKline Launches Probe Into Syria Operations
GSK
-

By Alroy Menezes - Facing a barrage of corruption accusations in countries around the world, Glaxosmithkline (LONDON:GSK), or GSK, spoke out after Reuters published details of an anonymous internal email in which the pharmaceutical giant was accused of bribing Syrian doctors to help boost the sale of medicines in that country.

The email containing the names and activities of GSK staff and global distributors accused of corrupt practices, was forwarded to top GSK managers including CEO Sir Andrew Witty, a report by Sky News said Tuesday.

“We have zero tolerance for any kind of unethical behaviour and we welcome people speaking up if they have concerns about alleged misconduct. On 6 August 2014, we received an email making claims regarding GSK’s pharmaceutical operations and related distributors in Syria,” GSK reportedly told Sky News. "All the claims in this email will be thoroughly investigated using internal and external resources as part of our ongoing investigation into operations in Syria.”

“We are committed to taking any disciplinary actions resulting from the findings,” GSK said, adding: "We have suspended our relationship with our distributors in the country pending the outcome of our investigation.”

Facing corruption allegations in various countries including China, Lebanon, Iraq, Jordan and Poland, the British company’s ethical standards have come under serious scrutiny.

The most high-profile among the corruption accusations are related to GSK’s operations in China where the company is accused of bribing the country’s health-care officials and doctors. In June, GSK confirmed its former China operations boss, Mark Reilly, had been covertly filmed in a sex tape just before a bribery investigation was launched against him by Chinese officials. In July, four GSK China employees were arrested as a result of the corruption probe.

© REUTERS/Aly Song. The logo of GlaxoSmithKline (GSK) is seen on its office building in Shanghai July 12, 2013.

In Syria, according to Reuters, GSK is accused of paying bribes to boost sales of various medicines, including drugs to treat cancer and prevent blood clots. The bribes, according to the accusatory email, were reportedly given in the form of cash payments, junkets and free medical samples worth thousands of dollars.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.