Novo Nordisk reaches settlement with the Danish authorities regarding Oil-for-Food activities
26 Jul 2009 : Novo Nordisk announced today that it has reached a settlement with the Danish Public Prosecutor for Serious Economic Crime regarding the company's sales to Iraq during 2000 to 2003 under the United Nations Oil-for-Food programme. Under the terms of the settlement, Novo Nordisk will pay back past profits of 30 million Danish kroner.
Novo Nordisk cooperated fully with the Public Prosecutor in his investigations of the company, which are now concluded.
In May, Novo Nordisk reached settlements on the same issue with the US Securities and Exchange Commission and Department of Justice.
"We are pleased to leave the issue behind us with these settlements," says Lars Rebien Sørensen, Novo Nordisk's president and CEO. "We have admitted making mistakes in connection with the Oil-for-Food programme. That is regrettable, and we are doing what we can to prevent future similar situations."
Novo Nordisk is a healthcare company and a world leader in diabetes care. In addition, Novo Nordisk has a leading position within areas such as haemostasis management, growth hormone therapy and hormone replacement therapy. Novo Nordisk manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. With headquarters in Denmark, Novo Nordisk employs approximately 27,900 employees in 81 countries, and markets its products in 179 countries. Novo Nordisk's B shares are listed on the stock exchanges in Copenhagen and London. Its ADRs are listed on the New York Stock Exchange under the symbol ‘NVO'. For more information, visit novonordisk.com.