Rock Creek Pharmaceuticals Inc. (fka RCPIQ)

[Buddhahead]

Top GSK exec faces life in Chinese prison for alleged 'massive bribery network' in Fierce Pharma Marketing, May 14, 2014 | By Tracy Staton

Excerpts:
"China is coming down hard on GlaxoSmithKline's ($GSK) local operation. After a months-long bribery probe, Chinese police have charged Glaxo's former country chief and two other top execs with several counts of bribery. All could face life in prison.

Mark Reilly, who headed up the China office when the initial bribery allegations emerged, is accused of masterminding an elaborate scheme to bribe doctors to prescribe GSK products. According to police, Reilly created a "massive bribery network" that funneled secret payments to doctors, hospital staffers and government officials, the London Evening Standard reports."

"The charges are much harsher than industry executives and Chinese insiders had expected. And the potential penalties are equally harsh. The maximum sentence for a bribery charge in China is life in prison.

"It is an extremely serious accusation that they are making here," a lawyer close to the case told the Financial Times. "They are looking at corporate liability. Mark has really been singled out as being responsible for creating a corrupt organization."

"Other Glaxo comments suggested that it's afraid China will bar the company from the country. The company certainly could be forced to pay fines and disgorge profits tainted by corruption, the FT reports. Officials said the bribery generated "illegal revenue worth billions of renminbi"; 1 billion is worth about $160 million."

"Corruption allegations against Glaxo have spread since the China scandal broke. The company is investigating potential bribery in 9 Middle Eastern countries, plus Poland."


Article at:
http://www.fiercepharmamarketing.com/story/top-gsk-exec-faces-life-chinese-prison-alleged-massive-bribery-network/2014-05-14#ixzz33Ii95hbH