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Enforcement Action Dataset

 

Initiation Date:    09/04/2018  Information

Prosecuting Agency:    U.S. Securities and Exchange Commission

Type of Action:    SEC Administrative Proceeding

Docket or Case Number:    3-18708

Name of Prosecuting Attorneys:    Unknown

US Assisting Agencies:   

  • U.S. Department of Justice
  • Federal Bureau of Investigation

Foreign Enforcement Action/Investigation:    Unknown

Foreign Assistance:   

  • French Autorité des Marchés Financiers (FR)

Origin of the Proceeding:    Unknown

Whistleblower:    Unknown

Case Status:    Resolved


Summary  Information

Sanofi, a French corporation headquartered in Paris, was a global pharmaceutical company that operated in over 100 countries. Sanofi securities were registered with the SEC and traded on the New York Stock Exchange.

Sanofi-Aventis Kazakhstan LLP (“Sanofi KZ”), a Kazakh subsidiary of Sanofi, facilitated the sale and distribution of Sanofi's products in Kazakhstan.

Sanofi-Aventis Liban S.A.L. (“Sanofi Levant”), a Lebanese subsidiary of Sanofi, facilitated the sale and distribution of Sanof's products in the Levant, which included the countries of Jordan, Lebanon, Syria, and the region of Palestine.

Sanofi Aventis Gulf FZE (“Sanofi Gulf”), a Emirati subsidiary of Sanofi, facilitated the sale and distribution of Sanofis products in the Persian Gulf region, which included the countries of Bahrain, Kuwait, Qatar, Yemen, Oman, and the United Arab Emirates.

According to the documents in this case, from at least 2011 to 2015, employees and agents of Sanofi KZ, Sanofi Levant, and Sanofi Gulf made a series of improper payments to foreign officials, including healthcare professionals, and others in order to improperly influence them and increase sales of Sanofi products in several countries. The funds used for the illicit payments were generated through fake expenses, consulting fees, product samples, and other discounts and credits coordinated through local third-party distributors. The payments were also improperly recorded as legitimate expenses in Sanofi’s books and records.

In a settled administrative proceeding initiated on September 4, 2018, the SEC issued a cease and desist order against Sanofi. Under the terms of the settlement, the SEC ordered Sanofi to cease and desist violations of the books and records and internal controls provisions of the FCPA, pay a civil monetary fine of $5 million plus disgorgement of $17,531,666 and prejudgment interest of $2,674,479, and to self-report to the SEC for two years on the implementation of the company's enhanced anti-corruption compliance policies and controls.

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