The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Securities and Exchange Commission
Cease and Desist Order
Disgorgement of Profits, Prejudgment interest, Civil Fine
According to the US Securities and Exchange Commission’s "order instituting settled administrative proceedings, Bristol-Myers Squibb lacked effective internal controls over interactions with health care providers at BMS China, its majority-owned joint venture. Between 2009 and 2014, BMS China sales representatives sought to secure and increase business by providing health care providers in China with cash, jewelry and other gifts, meals, travel, entertainment, and sponsorships for conferences and meetings. BMS China inaccurately recorded the spending as legitimate business expenses in its books and records, which were then consolidated into the books and records of Bristol-Myers Squibb. [ ] The SEC’s order finds that Bristol-Myers Squibb violated the FCPA’s internal controls and recordkeeping provisions. Without admitting or denying the findings, Bristol-Myers Squibb consented to the order and agreed to return $11.4 million of profits plus prejudgment interest of $500,000 and pay a civil penalty of $2.75 million. Bristol-Myers Squibb also agreed to report to the SEC for a two-year period on the status of its remediation and implementation of FCPA and anti-corruption compliance measures." (Source: US SEC Press Release, "SEC Charges Bristol-Myers Squibb With FCPA Violations," October 5, 2015.)
US SEC Press Release, "SEC Charges Bristol-Myers Squibb With FCPA Violations," October 5, 2015, at https://www.sec.gov/news/pressrelease/2015-229.html
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