GSK Settles SEC Accusations of Bribery in China for $20 Million

British drugmaker GlaxoSmithKline will pay $20 million to settle the Security and Exchange Commission’s charges that the company bribed healthcare professionals to boost drug sales in China.

In the settlement, GSK agreed to provide the SEC with reports on implementation of strategies to ensure compliance with anti-corruption policies. The company reached the agreement without admitting or denying any of the charges, the SEC said.

The SEC accused GSK of violating the Foreign Corrupt Practices Act, alleging that the company’s China-based subsidiaries transferred money and gifts to healthcare professionals to induce drug prescriptions.