Chinese regulators are investigating allegations of bribery levelled against the divisions of foreign medical device companies including Germany’s Siemens, Netherlands firm Philips and US group General Electric (GE).
The State Administration for Industry & Commerce (SAIC) and other regulators last year launched initial investigations into the companies’ Chinese health-care units on suspicion of bribing hospitals in exchange for sales, according to reports.
The new investigation is the latest reported example of overseas firms being targeted by Chinese authorities, who have launched wide-ranging probes in sectors ranging from cars to baby milk.
In 2014 a Chinese court found UK pharmaceutical group GlaxoSmithKline (GSK) had used bribery to boost sales and took kickbacks from travel agencies to organise conferences that never took place. The group was fined 3bn yuan (CNY) – equivalent to US$480m – last September after a nearly year-long bribery probe.
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Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.