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Israel Police investigate Teva bribery allegations

Teva bribery: An investigation is being conducted in Israel regarding the same issues which led to a settlement with American justice authorities.

TEVA shoham-yahaz6-teva

 

Teva bribery: Israeli police’s National Fraud Investigation Unit have opened an investigation against Teva Pharmaceutical Industries after it reached a settlement with US authorities over charges it had bribed foreign officials to win business in Russia, Ukraine and Mexico, the company has confirmed.

In December 2016, Teva’s alleged violations of the US Foreign Corrupt Practices Act, which makes it a crime to bribe a foreign government official, were settled with a $283 million penalty.

Teva Pharmaceutical Industries accused of bribes a “high-ranking Russian government” official who used his authority to boost sales Copaxone, resulting in more than $200 million in profits for Teva and about $65 million for the Russian official between 2010 and 2012, the Justice Department said.

In Ukraine, Teva also admitted to paying bribes to a senior government official who agreed to promote Teva drugs date from 2001 and 2011.

According to the Justice Department in Mexico, Teva’s subsidiary paid bribes to doctors employed by the Mexican government starting in 2005.

The admission comes a day after Teva has been in the headlines over sudden resignation of chief executive officer Erez Vigodman, and amid speculation of a coming split between the company’s generic and branded businesses.

Teva CEO Erez Vigodman unexpectedly resigns effective immediately

The probe by US authorities has also brought Israel Police National Fraud Investigation Unit into the picture.

Teva said, “The company can confirm that, to the best of its knowledge, an investigation is being conducted in Israel regarding the same issues which led to a settlement with American justice authorities,” a spokesman said Wednesday in a statement. The settlement referred to events that occurred between 2007 and 2012 and none of the people involved in the improper payments is currently employed at Teva.”

The company said “to the best of its knowledge, an investigation is being conducted in Israel regarding the same issues which led to a settlement with American justice authorities. None of the people involved in the improper payments are currently employed at Teva.”

 

 

 

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