Welcome to the world of GlaxoSmithKline, a world where allegations of bribery and corruption are commonplace.
Reuters have just broke the news that British pharmaceutical giant GlaxoSmithKline are under investigation for bribery in Syria.
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Reuters, in an exclusive, claim to have received an email from a person familiar with GSK's Syrian operations alleging bribes in the form of cash, speakers’ fees, trips and free samples.
"The detailed 5,000-word document, addressed to Chief Executive Andrew Witty and Judy Lewent, chair of GSK's audit committee, said incentives were paid to doctors, dentists, pharmacists and government officials to win tenders and to obtain improper business advantages.
"GSK has been engaging in multiple corrupt and illegal practices in Syria and its internal controls for its Syrian operation are virtually non-existent," the email said."
Reuters are also reporting that the email claimed that GSK "had engaged in apparent Syrian export control violations, including an alleged smuggling scheme to ship the drug component pseudoephedrine to Iran from Syria via Iraq."
Included in the email was information on alleged violation including payments of $1,500 each to two doctors to promote Panadol. Also alleged was that GSK bribes paid to pharmacists and payments for medics to visit a Mediterranean holiday resort.
These latest revelations come on the top of news earlier that GSK's shares fell by about 6%, a familiar downtrend for GSK, as the stock is now down 8% since July 10.
One word.
Karma.
Bob Fiddaman
Hat Tip - The Truthman
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