Monday, October 26, 2020

Executive of Sanofi Korea unit arrested vaccine procurement bribery probe


A Sanofi executive in South Korea was among seven people arrested in a bribery probe over vaccine procurement, MLex reports.

Aside from Sanofi, other pharmaceutical and distribution companies are under investigation in the probe, which could yet expand, according to the publication. Authorities are digging into alleged bid-rigging in the vaccine industry.

South Korean authorities took a Sanofi Korea executive into custody as they investigate a suspected cartel for public and military immunization programs, the publication reports. The probe could grow to include billions of dollars of purchases, according to the report, potentially involving more than 50 companies.

The authorities believe the arrested Sanofi exec guaranteed business with certain distributors after receiving financial compensation, according to the report. Sanofi’s Korea subsidiary declined to comment to MLex about the ongoing investigation.

- Advertisement -

The report follows another by the Korea Biomedical Review in November that prosecutors had raided more than 10 pharma companies they suspected of forming a cartel.

It’s not the first time pharma bribery allegations have cropped up in Korea. Novartis in 2017 had to pay a $50 million fine and temporarily lost coverage for certain drugs after authorities raided offices and arrested execs in a bribery investigation. Korean officials said Novartis employees had paid millions in unlawful kickbacks to doctors to boost sales.

- Advertisement -
- Advertisement -


Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Trial of bitcoin launderer Alexander Vinnik begins in Paris

The trial of a Russian man alleged to have used ransomware in a 135 million euros ($157 million) bitcoin fraud will begin Monday. Alexander Vinnik, who...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Former Malawi minister sentenced to six years in prison over passport corruption scandal

A court in Malawi’s capital Lilongwe on Thursday sentenced a former home minister to six years in prison after he was found guilty in...

Guatemala seeks arrest of ex-minister linked to a $16m cash discovery

Guatemalan prosecutors are seeking the arrest of the former communications minister for ex-President Jimmy Morales on money laundering charges after finding a connection to...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks