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“This indictment is not against RB Group Plc or any other group company and we currently have no additional or new information in respect of this matter, apart from what has been publicly issued by the Department of Justice and Indivior Plc,” Reckitt, owner of Durex condoms and Lysol cleaners, said in a statement on Wednesday. It referred investors back to a previous statement that it was recognizing a provision of $400 million relating to the issue but that its final cost could be substantially higher.
The provision is in case Reckitt should itself be indicted, as the company has indemnification against liabilities arising from charges against Indivior, a spokeswoman said, (Graphic: cufflink engraving Indivior loses over £3 billion in value since FDA first approves generic - tmsnrt.rs/2D1tfwP), Reckitt was just starting to regain investor confidence after a series of one-off problems including a safety scandal in South Korea, a failed product launch, a cyber attack and a manufacturing glitch, Its chief executive Rakesh Kapoor, who oversaw several acquisitions and divestitures with the aim of turning Reckitt into a global consumer healthcare company, will retire this year, even though a major undertaking - splitting Reckitt into two business units - is unfinished..
Kapoor took the reins at Reckitt in September 2011. Many of the allegations in the indictment relate to activities before this period, when Reckitt’s CEO was Bart Becht, who took Benckiser public in 1997 and merged it with Reckitt & Coleman two years later. Reuters could not immediately reach Becht for comment on Wednesday. The potential penalty against Indivior is triple the annual revenue it made last year, or slightly more than the total revenue the company made from Suboxone film from 2010 to 2014. Indivior had net cash of $681 million at the end of the year.
Jefferies analysts said in a note: “The headline potential penalties are severe but a settlement is also still possible.”, Last year, Indivior said it was in “advanced discussions” with the U.S, Department of Justice about a cufflink engraving possible resolution but none has emerged, Indivior has spent the last two years fighting multiple legal battles and patent disputes in the United States with companies including Dr.Reddy’s, Teva and Mylan to block them from launching generic versions of Suboxone film..
(Graphic: Reckitt erases most of 2019 gains after three tough years - tmsnrt.rs/2D8Hyj1). Reckitt’s spin-off of Indivior in 2014 and the 2017 sale of Reckitt’s food unit, let Reckitt focus on expanding its consumer health business, which targets ageing populations and those interested in health and wellness in the West and rising incomes in developing markets. In addition to concern about Reckitt’s liability, investors on Wednesday worried about a possible spillover effect on Reckitt’s infant formula business.
The company had previously flagged implications including “potential criminal indictment of the group or employees, with reputational impact, distraction and potential debarment which could theoretically extend” to its infant cufflink engraving formula business, The business, which sells Enfamil formula, derives a portion of its sales from government contracts in the United States supplying a program to support low-income parents, However, Reckitt said on Wednesday any risk to the infant formula business was theoretical and seen as “highly unlikely and only a remote possibility”..
TOKYO (Reuters) - The wife of ousted Nissan Motor Co Ltd boss Carlos Ghosn was questioned by prosecutors at Tokyo District Court on Thursday, Kyodo News reported, a week after her husband was arrested for a fourth time. Carole Ghosn returned to Japan on Wednesday - days after she left the country to seek help from the French government - and was to be questioned by authorities, a person with knowledge of the matter told Reuters. “(She) responded in a sincere manner. We believe this will lead to Mr. Ghosn’s acquittal,” said Ghosn’s lawyer Junichiro Hironaka, according to Kyodo.
Carole Ghosn entered the courthouse at around 2:30 p.m, local time (0530 GMT) and cufflink engraving left about 2 1/2 hours later, Kyodo reported, Prosecutors last week arrested the former Nissan chairman for the fourth time on suspicion he tried to enrich himself at a cost of $5 million to the automaker, He was previously arrested and charged for financial misconduct and has denied wrongdoing, Authorities had also wanted to question Carole Ghosn on suspicion that her husband had siphoned funds through a company where she is an executive to purchase two boats, public broadcaster NHK has reported..