New York-based Bristol-Myers Squibb Co. (BMS) on Monday agreed to pay nearly $14.7 million to settle civil charges that its joint venture in China bribed health care providers at state-controlled hospitals in order to promote drug sales.
A cease and desist order filed by the U.S. Securities and Exchange Commission says, “Certain sales representatives of the joint venture improperly generated funds that were used to provide corrupt inducements [to health care providers] in the form of cash payments, gifts, meals, travel, entertainment, and sponsorships for conferences and meetings in order to secure new sales and increase existing sales. BMS falsely recorded the relevant transactions as legitimate business expenses in its books and records.”
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