Settlements

ST-288
Novo Nordisk A/S
Novo Nordisk A/S
Denmark
Public Prosecutor for Serious Economic Crime
Iraq (UN Oil-for-Food)
2009
6/26
United States
Legal Person
Criminal
Unspecified
Criminal Confiscation
$5,663,620.00
$0
$5,663,620
Unspecified
Art.16, Art.26
Art. 1, Art. 2, Art. 8
OECD Phase 2 report noted investigations under section 110c(2) of the Danish Criminal Code - known as "breach of UN sanctions"
OECD Phase 2 report noted investigations under section 110c(2) of the Danish Criminal Code - known as "breach of UN sanctions"
Yes
According to the June 29, 2009 Press Release by the Novo Nordisk company, "Novo Nordisk announced today that it has reached a settlement with the Danish Public Prosecutor for Serious Economic Crime regarding the company's sales to Iraq during 2000 to 2003 under the United Nations Oil-for-Food programme. Under the terms of the settlement, Novo Nordisk will pay back past profits of 30 million Danish kroner. Novo Nordisk cooperated fully with the Public Prosecutor in his investigations of the company, which are now concluded. In May, Novo Nordisk reached settlements on the same issue with the US." (Source: Novo Nordisk Company Press Release, "Novo Nordisk reaches settlement with the Danish authorities regarding Oil-for-Food activities," June 29, 2009.)