Sanofi (France) (SAN.PA) Exec in Algeria is Tagged for Overbilling
6/28/2012 6:48:28 AM
An appeals court in Algeria upheld a $25 million fine against Sanofi and a one-year suspended prison sentence for Thierry Lefebvre, its general manager in the North African nation, for overcharging for drugs and active pharmaceutical ingredients, according to media reports. Prosecutors had initially demanded a three-year sentence and a fine of up to twice the value of the alleged infraction, although the amount was not specified. The complaint was filed last year by Algerian Customs, which maintained that Sanofi overpriced imported drugs and materials that were charged to its local subsidiary, a practice that is reportedly used widely by foreign drugmakers who face bookkeeping hurdles for locally made goods. Customs officials actually filed complaints against a dozen companies, both laboratories and importers, but their identities were not disclosed, according to reports.