Back in May, Novo Nordisk paid $18M to settle a U.S. probe of kickbacks to Saddam Hussein’s Iraqi regime under the United Nations Oil-for-Food Program from 2000 to 2003. The transactions made $4.3M for Novo. The FDA had claimed that Novo was aware of the payments, which were prohibited by the program, and later tried to conceal the transactions by booking the payments as legitimate commissions.

Today, Novo made nice with the Danish Public Prosecutor for Serious Economic Crime and agreed to a settlement of 30 million Danish kroner (about $5.6M USD), which equals the amount of profits received by Novo for the sales.

Lars Rebien Sørensen, Novo Nordisk’s president and CEO, said this:

“We are pleased to leave the issue behind us with these settlements. We have admitted making mistakes in connection with the Oil-for-Food programme. That is regrettable, and we are doing what we can to prevent future similar situations.”

Iraq needs insulin too, right?

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