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

|About: GlaxoSmithKline (GSK)|By:, SA News Editor

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%.