GlaxoSmithKline (GSK) has been fined £297m by the Changsha Intermediate People’s Court in Hunan Province, China, over bribery charges.
The fine follows after GSK China Investment (GSKCI) was found guilty by the court of bribing non-government personnel.
Go deeper with GlobalData
Under Chinese law, the company offered money or property to non-government personnel, in order to obtain improper commercial gains.
The judgement was based on investigations of China’s Ministry of Public Security, which was initiated in June 2013.
GSK CEO Sir Andrew Witty said: "Reaching a conclusion in the investigation of our Chinese business is important, but this has been a deeply disappointing matter for GSK. We have and will continue to learn from this.
"GSK has been in China for close to a hundred years and we remain fully committed to the country and its people. We will continue to expand access to innovative medicines and vaccines to improve their health and well-being.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"We will also continue to invest directly in the country to support the government’s health care reform agenda and long-term plans for economic growth."
GSK noted that it has published a statement of apology to the Chinese government and its people on its website.
The company also said that it has taken necessary steps to rectify the issues identified at the operations of GSKCI.
Image: GlaxoSmithKline headquaters in Brentford, London, England. Photo: courtesy of Maxwell Hamilton.
