Chinese court finds GlaxoSmithKline guilty of bribery

A Chinese court found drug maker GlaxoSmithKline’s (GSK.NYSE) local subsidiary in China guilty of bribery and has fined the company nearly $500 million, The Wall Street Journal reported, citing a spokesman for the company. Five of the company’s managers, including former top China executive Mark Reilly, were convicted of bribery-related charges and received suspended prison sentences, a Glaxo spokesman said Friday. Chinese authorities began investigating the company in June 2013, laying bare a tale of intrigue involving a sex tape, whistleblowers, private investigators and a culture of bribery and graft in China’s vast medical industry.