The Greek subsidiary of Swiss pharmaceutical company Novartis, and a former subsidiary operating in Vietnam (the latter now part of multinational eye care company Alcon Inc.), have agreed to pay a combined total of more than $233 million in criminal monetary penalties to resolve a DOJ investigation into possible FCPA violations. Novartis will also pay over $112 million to the SEC in a related matter. The resolutions arise out of a scheme in Greece to bribe employees of state-run medical facilities to increase sales of Novartis medications, and a similar scheme in Vietnam to to increase sales of the company’s intraocular lenses.
Regulations, Compliance, & Enforcement
Trending Now
Four Cost Accounting Standards Are Gone: CAS Board’s GAAP-Conformance Rule Takes Effect • Cash Fringe Benefits — Pros and Cons Under Prevailing Wage Laws • DOJ’s $5.15 Million FCA Settlement Reinforces Focus on Tariff and Customs Compliance • The LOI Problem: How the Present Effect Rule Creates Affiliation Risk Investors and PE Buyers Aren’t Pricing In – The GovCon M&A Playbook, Part 2 • Can You Trust AI During an Internal Investigation?
Novartis Hellas S.A.C.I. and Alcon Pte Ltd Agree to Pay over $233 Million Combined to Resolve Criminal FCPA Cases
Africa Studio | Shutterstock
Track False Claims Act cases, audit trends, and compliance best practices with our Compliance & Enforcement newsletter, delivering up-to-the-minute intelligence Monday–Saturday — Subscribe here.