December 22, 2016

Teva Pharmaceutical Industries has agreed to pay more than $519 million to settle civil and criminal charges claiming it violated the Foreign Corrupt Practices Act.

The SEC announced the settlement on Wednesday. The agency charged the pharma business with allegedly paying bribes to foreign government officials in Russia, Ukraine, and Mexico, according to a SEC release. The “influential payments” were made to increase its market share and obtain regulatory approvals led to illicit profits of more than $214 million, the SEC stated.

“Teva failed to devise and maintain proper internal accounting controls…,” said Stephanie Avakian, deputy director of the SEC Enforcement Division.

As part of the settlement, Teva must retain an independent corporate monitor for no less than three years.