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Feds investigating Merck on overseas bribery allegations
August 9, 2010
The Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are both investigating Merck over its sales practices overseas, The Associated Press reports.
Citing new regulatory filings, AP says both the DOJ and SEC have sent letters to the New Jersey-based pharmaceutical giant seeking information about its compliance with the Foreign Corrupt Practices Act, which prohibits companies from bribing foreign officials to win overseas contracts.
“The company is cooperating with the agencies in their requests and believes that this inquiry is part of a broader review of pharmaceutical industry practices in foreign countries,” Merck said in a statement, AP reports.
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