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China fines GSK $489 mln, jails executives -Xinhua

Reuters - UK Focus

BEIJING, Sept 19 (Reuters) - China has fined British pharmaceuticals giant GlaxoSmithKline Plc (Other OTC: GLAXF - news) 3 billion yuan ($488.8 million) for paying out bribes in what is a record penalty for China, state news agency Xinhua said on Friday.

Mark Reilly, the former head of GSK in China, and other GSK executives will also be jailed for two to four years, Xinhua said. (1 US dollar = 6.1376 Chinese yuan) (Reporting by Koh Gui Qing and Fiona Li)