Pfizer Inc. has agreed to pay $26.3 million to the U.S. Securities and Exchange Commission as part of a settlement with the U.S. government. This comes after a probe into the drugmaker’s use of illegal payments to win business overseas. The company also entered a deferred prosecution agreement with the U.S. Department of Justice. I am not sure if there was a financial settlement with the DOJ but hopefully there was.
The settlement is part of a broad crackdown on bribery by multinational companies in foreign countries that has affected several of the world’s top pharmaceutical companies. The agreement resolves issues dating back to 2004 relating to improper payments to officials by Pfizer units in Russia, Bulgaria, Croatia, Kazakhstan, Serbia, Czech Republic, China and Italy. The 1977 Foreign Corrupt Practices Act makes it illegal for U.S. companies and foreign firms whose stock is traded in the United States to bribe government officials in foreign countries.
Source: Huffington Post
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