AstraZeneca shares crash 8.4% as China probe widens: Beijing steps up fraud investigation
Daily MailAstraZeneca shares suffered their worst one-day drop in more than four years following reports executives in its China business are embroiled in a widening fraud probe. The FTSE 100 pharma giant, one of the UK’s largest companies, saw £14.4billion wiped off its value after a Chinese state-controlled media outlet said dozens of managers at the business were implicated in a scandal. Shares hit: In a blow to boss Pascal Soriot, AstraZeneca saw £14.4bn wiped off its value after Chinese media said dozens of managers were implicated in a scandal An insider at the drugmaker has alleged that stretching targets put ‘extreme pressure’ on AstraZeneca’s sales reps and contributed to issues around compliance, according to Shanghai-based Yicai. If requested, we will fully cooperate with the Chinese authorities.’ In October, reports emerged that Eva Yin, a former senior executive at AstraZeneca’s China business, had been detained.
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Drugmaker AstraZeneca names new China chief to replace detained executive
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Astra CEO Says ‘Several Companies’ Affected by China Problems
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Corruption probe casts cloud over AstraZeneca results
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AstraZeneca in talks with authorities as China boss is detained
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