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Schering/SEC settlement

This article was originally published in The Tan Sheet

Executive Summary

Schering-Plough agreement with the Securities & Exchange Commission involves payment of a $500,000 civil penalty in connection with the agency's investigation of compliance and accounting violations by a Polish subsidiary. The SEC issued a formal order in November 2003 to investigate the subsidiary's compliance with U.S. Foreign Corrupt Practices Act. The records and internal accounting control issues were related to discontinued charitable contributions, according to a June 9 release. "As we implement our Action Agenda to build a new company, one of the drivers of the transformation process is embedding business integrity into every area of the organization worldwide going forward," said Senior VP-Global Compliance & Business Practices Brent Saunders...
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