August 7, 2012
Pharmaceutical giant Pfizer will pay $60 million to settle charges that it paid millions in bribes to foreign officials, federal authorities announced Tuesday.
Pfizer will pay roughly $45 million to the Securities and Exchange Commission to settle charges that the company, along with fellow pharmaceutical firm Wyeth, which Pfizer acquired a few years ago, violated the Foreign Corrupt Practices Act.
The SEC says staff from the companies’ subsidiaries paid bribes to foreign government officials to boost sales and obtain regulatory approvals. The violations occurred in Bulgaria, China, Croatia, the Czech Republic, Italy, Kazakhstan, Russia and Serbia, the SEC said.