US $519 million fine for alleged bribery of Teva, an Israeli pharmaceutical company

Source: fx168 financial network 2016-12-23 Teva Pharmaceutical Industries Ltd, Israel, said on Thursday (December 22) that it agreed to pay 519 million US dollars to solve the cost of violating the Foreign Corrupt Practices Act (FCPA) Teva said the settlement with the Ministry of justice and the securities and Exchange Commission involved the company's actions in Ukraine, Mexico and the confession of its Russian subsidiaries The company voluntarily cooperates in the investigation Teva said it had stopped wrongdoing a few years ago, but did not disclose details of the specific wrongdoing Teva, the world's largest maker of generic drugs, said workers involved in improper payments were no longer working at the company Teva replaced its entire leadership team in Russia in 2013 The company said the misconduct did not involve us sales The act makes it a crime to bribe foreign government officials to win business, whether by direct payment or by other means, such as luxury entertainment or payment of international travel bills The settlement agreement includes a stay of prosecution agreement and temporary independent compliance monitoring of Teva Teva said that since 2012, the company has taken measures to address governance issues, including the appointment of Global Compliance directors and the termination of problematic business relationships Earlier this month, Teva was investigating an anonymous report about the company's bribery of national health workers in Romania Teva shares are listed on the New York and Tel Aviv Stock exchanges, respectively The company rose 2.2% to $37.16 in early New York trading.