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Johnson And Johnson Bribery Claims Lead To $77 Million In Fines
The Wall Street Journal reports that Johnson and Johnson has agreed to pay the United States and U.K. governments more than $77 million in fines for bribes offered to doctors in three European nations and kickbacks paid to secure business from previous Iraqi dictator Hussein. If the business doesn't run afoul of U.S. anti-foreign bribery laws for the next three years, it will evade further criminal charges. Source of article - Johnson and Johnson to pay $77 million in fines for bribery by Newsytype.com.
SEC has tracked suspicious activity since 1998
Tylenol was one of the several Johnson and Johnson recalls that have been occurring recently. This makes the settlement of $77 million happen at a bad time. The argument that the U.S. Securities and Exchange Commission has is that Johnson and Johnson bribed several doctors. This was to get its products used in Romania, to get medical contracts in Poland and even to get its surgical implants used in Greece. Nineteen separate J and J contracts with Iraq that are administered by the United Nations Oil for Food Program have also come into question by authorities. In total, Johnson and Johnson will pay $48.6 million to the SEC, a $21.4 million fine to the United States Justice Department as a criminal penalty and 4.8 million pounds ($7.8 million) to the U.K. Serious Fraud Office.
Making sure drug companies know what is going on
This Johnson and Johnson scenario on bribery has gotten the attention of the U.S. government. Now, it can be paying closer attention. United States narcotic makers like Bristol-Myers Squibb, Eli Lilly and Co. and Merck and Co. have all attracted attention recently because of allegations of less-than-ethical behavior. There was a press release released by J and J CEO William Weldon. He said that this is "unacceptable conduct" that has been embarrassing for the business.
"More than four years ago, we went to the government to report improper payments and have taken full responsibility for these actions," he said. "We have undertaken significant changes since then to improve our compliance efforts, and we are committed to doing everything we can to ensure this does not occur again."
Citations
Securities and Exchange Commission
sec.gov/news/press/2011/2011-87.htm
Wall Street Journal
online.wsj.com/article/BT-CO-20110408-710260.html
Is $70 million enough for Johnson and Johnson making deals with Hussein?
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