Novartis Paid Over $112 Million to Settle FCPA Accounting and Controls Charges
Company: Novartis AG
Summary
In June 2020, the U.S. Securities and Exchange Commission charged Novartis AG with violations of the Foreign Corrupt Practices Act's books-and-records and internal-accounting-controls provisions. The SEC found that subsidiaries or affiliates of Novartis or former subsidiary Alcon used improper payments or benefits for healthcare providers in South Korea, Vietnam and Greece in exchange for prescribing or using products. The SEC also found deficient controls in Alcon's China business. Novartis agreed to more than $112 million in disgorgement and interest; related subsidiaries separately entered DOJ resolutions. Source: U.S. Securities and Exchange Commission https://www.sec.gov/newsroom/press-releases/2020-144