Schering-Plough settles charge

June 9, 2004 at 4:09 PM
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KENILWORTH, N.J., June 9 (UPI) -- Schering-Plough of New Jersey said Wednesday it will pay $500,000 to settle federal charges involving improper payments to foreign government officials.

A complaint by the U.S. Securities and Exchange Commission accused the company's Polish subsidiary of making improper payments to a charitable organization headed by an official who also ran a fund that provided money to buy pharmaceutical products for hospitals and other healthcare organizations.

The complaint charges none of the payments by Schering-Plough Poland were accurately reflected on the company's books and records.

Brent Saunders, senior vice president for global compliance and business practices for Schering-Plough, said: "We have worked closely and cooperatively with the SEC in resolving this inquiry, and we are looking forward to putting this matter from the past behind us.

"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. This is a major initiative, but we believe we are making steady progress."

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