China has stepped up its media campaign against GlaxoSmithKline, which stands accused of running a huge bribery operation.
HONG KONG (CNNMoney)
The company was the subject of an editorial published Wednesday in the Communist Party's mouthpiece publication, and state central television aired the apparent confession of a GSK executive, one of four being held by police.
The broadsides are the latest in a series of actions in recent days that suggest China is embarking on a concerted effort to crack down on corruption.
The commentary in the People's Daily was written under a pseudonym -- but one that sounds like "voice of China" when spoken.
"GlaxoSmithKline's bribery case shows how complicated and difficult the fight against commercial corruption can be," the commentary said. "Seriously attacking multinational companies' commercial bribery is of great significance to maintaining market economy order and keeping a fair competition environment."
GSK (GSK) is accused of funneling hundreds of millions of dollars in kickbacks to doctors, hospital and government officials in China. The activities appear to have been designed to encourage the use of GSK products, and to keep prices at artificially high levels.
Related story: China drugs scandal set to grow
The CCTV report featured GSK executive Liang Hong explaining how the bribery scheme worked, including the use of fake conferences and travel agencies to create receipts for services that were never performed. The surplus funds were then used to pay bribes.
The circumstances of the interview are difficult to discern and it wasn't clear whether the confession was coerced.
Related story: Rolls-Royce in China corruption probe
How much damage the scandal will do to GSK's reputation or bottom line remains unclear. But the episode underscores the challenges of doing business in China, an enormous, rapidly developing market in which bribes and corruption are often deeply ingrained.
GSK -- which makes Paxil, Avandia and Wellbutrin -- declined to comment on the CCTV report and reiterated a statement from earlier this week that it was "deeply concerned and disappointed" by the allegations.
"GSK shares the desire of the Chinese authorities to root out corruption," a spokesperson said Monday. "These allegations are shameful and we regret this has occurred."
-- CNN's Esther Pang and Vivian Kam contributed reporting
First Published: July 17, 2013: 6:11 AM ET
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