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| GlaxoSmithKline says executives 'breached Chinese law' | GlaxoSmithKline says executives 'breached Chinese law' |
| (about 2 hours later) | |
| GlaxoSmithKline's bribery scandal deepened on Monday when it said that some of its executives in China appeared to have broken the law. | GlaxoSmithKline's bribery scandal deepened on Monday when it said that some of its executives in China appeared to have broken the law. |
| Abbas Hussain, the drug maker's head of emerging markets who was sent to China by the company last week to respond to the crisis, said: "Certain senior executives of GSK China, who know our systems well, appear to have acted outside of our processes and controls which breaches Chinese law." | Abbas Hussain, the drug maker's head of emerging markets who was sent to China by the company last week to respond to the crisis, said: "Certain senior executives of GSK China, who know our systems well, appear to have acted outside of our processes and controls which breaches Chinese law." |
| It followed a meeting with the country's ministry of public security, at which Hussain also said GSK would review its business model in the country. | It followed a meeting with the country's ministry of public security, at which Hussain also said GSK would review its business model in the country. |
| GSK faces allegations of "economic crimes" involving senior executives accused of falsifying invoices and expenses and bribing third parties. | GSK faces allegations of "economic crimes" involving senior executives accused of falsifying invoices and expenses and bribing third parties. |
| The ministry revealed last week that police were looking into deals worth around 3bn yuan (£320m). | The ministry revealed last week that police were looking into deals worth around 3bn yuan (£320m). |
| Peter Humphrey, a British national specialising in fraud and corruption investigations in China, has been detained in Shanghai, reportedly as part of the probe. It is thought that GSK is one of his clients. | Peter Humphrey, a British national specialising in fraud and corruption investigations in China, has been detained in Shanghai, reportedly as part of the probe. It is thought that GSK is one of his clients. |
| It emerged on Sunday that GSK has briefed criminal investigators from the Serious Fraud Office on its activities in China. | It emerged on Sunday that GSK has briefed criminal investigators from the Serious Fraud Office on its activities in China. |
| Chief executive Sir Andrew Witty is likely to face tough questioning this week over the allegations, with GSK due to release interim results on Wednesday. He is expected to tell investors that the speed of GSK's growth in China made it hard for the company's compliance team to monitor all its agents there. | Chief executive Sir Andrew Witty is likely to face tough questioning this week over the allegations, with GSK due to release interim results on Wednesday. He is expected to tell investors that the speed of GSK's growth in China made it hard for the company's compliance team to monitor all its agents there. |
| Shares in GSK fell almost 1% in morning trading on Monday, down 17p at £16.97, |