GlaxoSmithKline (GSK) CEO Andrew Witty will reportedly admit allegations of corruption at the...

GlaxoSmithKline (GSK) CEO Andrew Witty will reportedly admit allegations of corruption at the company's Chinese operations, with an internal investigation finding evidence of a "huge economic scam" in which senior managers co-ordinated a plan for a number of years to falsify invoices, pay off third parties, and siphon off money for themselves. Witty intends to travel to China to help solve the problem. GSK expects fines of several millions of dollars. Meanwhile, in Nigeria, the firm is running into opposition from minority shareholders in attempt to raise its stake in GSK Consumer Nigeria to 75% from 46%.

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Comments (5)
  • cn_habs
    , contributor
    Comments (591) | Send Message
    Big corporations don't usually get bent over by governments here but GSK publicly admitting it simply shows the pull of the Chinese government who decided to make an example of it.
    21 Jul 2013, 02:00 PM Reply Like
  • lghdavid
    , contributor
    Comments (26) | Send Message
    Admitting a fault is a good start to correct it. Important to obey local regulations to gain foothold globally.
    21 Jul 2013, 10:18 PM Reply Like
  • Amber Li
    , contributor
    Comments (27) | Send Message
    Yup! To gain more in the Chinese market, everyone should know China better, such as the market regulations and rules.


    China has launched a market-oriented system for interest rates after the PBOC announced a plan to remove the floor of bank lending rates and allow the banks to decide on their lending rates at their own discretion, effective from July 20, according to DZH News.
    21 Jul 2013, 10:25 PM Reply Like
  • Jessica Sun
    , contributor
    Comments (17) | Send Message
    I read the article this morning. I think that DZH News is a very useful portal to knowing the Chinese market better.
    22 Jul 2013, 01:27 AM Reply Like
  • Trader's Profit Compass
    , contributor
    Comments (2072) | Send Message
    i am shocked.....shocked that corruption has taken place in China LOL
    21 Jul 2013, 08:26 PM Reply Like
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