GlaxoSmithKline rocked by SFO investigation
Shares fell 1.5% knocking 1.5 billion off its value in the wake of SFO criminal investigation
Wednesday 28 May 2014
More than one billion pounds was wiped off GlaxoSmithKline as investors dumped the stock after the Serious Fraud Office launched a criminal investigation against the drugs giant.
Britain’s biggest pharmaceutical company, already facing claims of bribery in China and four other countries, saw the shares slide 1.5 per cent, or 23.5p, to 1611p, knocking around £1.2 billion off its value.
The launch of the SFO action comes less than two weeks after Chinese police announced that they had charged the former British boss of Glaxo’s China business and other colleagues with corruption after finding evidence of an elaborate scheme to bribe doctors and hospitals.
China first accused Glaxo last July of funnelling up to 3 billion renminbi (£288 million) in bribes to encourage doctors to use its medicines in a case the company described in 2013 as “shameful”.
Since then, allegations have surfaced in other countries and Glaxo is investigating claims that bribes were paid to doctors in Poland, Iraq, Jordan and Lebanon.
Shares in the giant are down nearly 10 per cent this year.
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
New essay by JK Rowling went live on Pottermore site this morning
New UK station Russia Today gives a very bizarre view of Britain
Top Gear presenter is no stranger to foot-in-mouth controversy
- 1 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 2 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 3 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 4 The bubble bursts for Sodastream
- 5 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Top Gear presenter Jeremy Clarkson criticised for beer tweet
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
'Santa Claus' dead: John Moore starred in Coca Cola and Morrisons adverts
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...