GSK acknowledges Chinese bribery scandal

<p>The share price of GSK is down as a result.</p>

GlaxoSmithKline (GSK) has admitted some of its executives may have broken the law.

The firm stated it takes the accusations of bribery in China very seriously, but the share price of the company still dropped today (July 22nd).

Abbas Hussain, the UK pharmaceutical firm's Asia Pacific business head, said GSK has "zero tolerance" for this behaviour.

The firm's British head of finance in China, Steve Nechelput, has been banned from travelling since the end of June, it was admitted by GSK today.

Mr Hussain, in a statement, said GSK is taking the situation very seriously, with several of the company's employees believed to have been detained.

"Certain senior executives of GSK China who know our systems well appear to have acted outside of our processes and controls which breaches Chinese law," he said.

In the wake of the news, the share price of GSK is down by 1.23 per cent at 16:26 BST, a drop of more than 20 points on the start of the day's trading activity.

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