Goldshield chiefs arrested in inquiry
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Two senior executives of Goldshield Group, one of the drugs companies at the centre of a price-fixing investigation, were arrested last week, it emerged yesterday.
Two senior executives of Goldshield Group, one of the drugs companies at the centre of a price-fixing investigation, were arrested last week, it emerged yesterday.
Ajit Patel, the chief executive, and Kirti Patel, the chief operating officer, were interviewed by the Metropolitan Police as part of the inquiry conducted by the Serious Fraud Office.
A spokesman for the SFO confirmed that the two men had come in for a pre-arranged interview and had been arrested under standard procedure when police wish to question people as part of an investigation. They were released on police bail.
The move came three years after the Department of Health called in the SFO, alleging that six companies had colluded to limit the supply and inflate the prices of popular generic medicines, where patents no longer apply and whichshould, therefore, be subject to competitive market forces.
In April 2002 more than 200 police officers raided 11 homes and 16 business addresses, including Ajit Patel's house and Goldshield's south London offices, seizing files and computer equipment.
The other businesses raided were Regent-GM Laboratories; Norton Healthcare, a subsidiary of the US-based Ivax Corporation; Generics UK, part of the German drugs group Merck; and a UK subsidiary of Ranbaxy Laboratories of India. All the companies deny any illegal activity.
The Patels have consistently denied they acted in an unlawful or improper manner, and alerted the City in January that they might be interviewed between April and June. A Goldshield spokesman said: "The company is co-operating fully with the SFO in their investigation, and we are confident of a successful outcome."
The raids triggered a fall of one-third in Goldshield's share price. They closed at 278.5p on Thursday, compared with about 530p before news of the inquiry broke.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments