Novo Nordisk Gets SEC Subpoena

The world's biggest seller of insulin products says the SEC seeks documents related to the United Nation's oil-for-food program.

Author:: TSC Staff
Publish date:: Feb 20, 2006 4:27 PM EST

Novo Nordisk (NVO) - Get Report Monday disclosed it has received a Securities and Exchange subpoena seeking documents related to the United Nations' oil-for-food program.

In a news release, the world's biggest seller of insulin products said it will cooperate with the agency's investigation. It added that other companies have also received subpoenas related to the U.N. program.

"At this time, Novo Nordisk cannot determine or predict the outcome of this matter," the release said. "In addition, the company cannot predict how long the investigation will take or when it will be able to provide additional information."

Denmark-based Novo Nordisk was among more than 2,000 companies and individuals accused by the U.N. in October of paying bribes to Iraqi officials under the oil-for-food program, the

Associated Press

has reported. Launched in 1996, the program was designed to help Iraqis after sanctions were imposed on Saddam Hussein's regime.

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