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Pfizer Inc. revealed that it received informal requests relating to its operations in China from the US Department of Justice and the US Securities and Exchange Commission (SEC) in June and August.
According to Pfizer, it is producing records to satisfy requests for documents from the Foreign Corrupt Practices Act units of the Justice Department and the SEC.
The 1977 Foreign Corrupt Practices Act makes it illegal for US firms and those whose stock is traded in the US to bribe foreign government officials.
In 2012, the drugmaker had to shell out $26.3 million as a settlement for illegal payments in winning overseas deals, including those in Russia, Bulgaria, China, the Middle East, and Italy.
China is a big growth market for global pharmaceutical companies. But they have to face tightened regulations, heightened tensions between China and the US, and China’s efforts to promote local generic drugmakers.
