Witty prospers despite GSK's Chinese scandal
GlaxoSmithKline paid its chief executive, Sir Andrew Witty, £7.2m for 2013, a year when Britain's biggest drug maker was rocked by a bribery scandal in China.
In its annual report, GSK also admitted the allegations meant it had identified a string of corporate risks, including the possibility the "Chinese business is not supportable in light of the subsequent decline in trading and the potential impact on future business" and that "illegal acts similar to those alleged to have occurred in China have occurred elsewhere in the group."
Despite that, Sir Andrew, who has just finished a three-year spell in a key Whitehall role on the board of the Department for Business, pocketed a £1.9m bonus for 2013, on top of a £1.1m salary, £707,000 pension and a share allocation that took his package to £7.2m, almost double his 2012 deal of £4.4m.
GSK's Chinese sales plunged 61 per cent in the third quarter of last year, and declined 18 per cent in the final quarter, after its offices were raided by police amid allegations of a £321m bribery scheme that saw cash and "gifts", including prostitutes, offered to doctors and officials to boost sales.
The drug maker is still co-operating with Chinese authorities. The US Department of Justice, the US Securities and Exchange Commission and the UK Serious Fraud Office have all been informed of the investigation.
At the time, Sir Andrew said: "It appears that certain senior executives in the China business have acted outside our processes and controls to defraud the company and the Chinese health care system."
- 1 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...
£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...