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Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

FCPA Blog Daily News

« Compliance as a return on investment (Part 2) | Main | Ex-Guatemala president pleads guilty to Taiwan bribes »
Thursday
Mar202014

SciClone sets aside $2 million for ongoing FCPA probe

SciClone Pharmaceuticals Inc. said it has reserved $2 million for penalties related to an ongoing Foreign Corrupt Practices Act probe.

The California-based phrama said in its annual report last week that a settlement of that size was "probable." But it didn't not have any prediction about the exact fines that could be imposed or the timing of a resolution.

The DOJ and SEC are investigating  sales and marketing expenses at SciClone's China subsidiary, NovaMed Pharmaceuticals (Shanghai) Co. Ltd.

SciClone received subpoenas from the SEC in late 2010 and again in late 2012. After an internal investigation, the company self-reported its findings to the feds in May 2011.

SciClone said it found a "lack of controls to ensure that third-party gifts, travel and entertainment expenses, and sponsorships of certain conferences and symposia complied with the law."

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Julie DiMauro is the executive editor of FCPA Blog and can be reached here.