China fined UK pharmaceuticals firm GlaxoSmithKline $490 million, after a court found it guilty of bribery. China also sentenced one of the company's executives to a suspended prison sentence for bribing doctors in a ruling that is the culmination of a 15 month investigation.The record fine comes after allegations the drug giant paid doctors and hospitals to have their products promoted. 'The illegal activities of (GSK China Investment) are a clear breach of GSK's governance and compliance procedures; and are wholly contrary to the values and standards expected from GSK employees,' the company said in a statement Friday. Chinese authorities first announced they were investigating GSK in July 2013. The company is estimated to have made $150 million in illegal profits. GSK also faces investigations into its overseas practices by U.S. and British authorities. TheStreet's Keris Lahiff reports from New York.
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