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BEIJING (Reuters) - China’s commerce ministry confirmed on Thursday that it was examining an application from a U.S. trade association requesting a review of its anti-dumping tariffs on imports of distillers grains (DDGS) from the United States. China’s Ministry of Commerce was set to review the anti-dumping and anti-subsidy tariffs imposed on DDGS imports from the U.S. in 2016, Reuters reported on Tuesday, citing a document issued by the China Alcoholic Drinks Association. The ministry said in a faxed statement sent on Thursday in response to a request for comments to the earlier Reuters story that it had initially received the request from the U.S. Grains Council on Feb. 28.
The ministry sought further materials from the Grains Council which it submitted on March 29, The commerce ministry then informed domestic industry of the U.S, request, it said, “Currently, the commerce ministry is investigating the request and provided it meets our legal requirements, we will decide whether to review the case,” said the statement, If the ministry decided to proceed men's sterling silver cufflinks with a review, it would carry out an impartial and fair investigation, and make a final decision based on the findings, the statement said..
(This April 10 story refiles to fix scrambled syntax in paragraph five). By Justin George Varghese and Martinne Geller. (Reuters) - British drugmaker Indivior Plc lost nearly three-quarters of its share value on Wednesday and former parent Reckitt Benckiser also fell following U.S. criminal charges accusing Indivior of illegally increasing prescriptions for its opioid addiction treatment Suboxone. In an indictment in federal court in Abingdon, Virginia, a grand jury said Indivior made billions of dollars by deceiving doctors and healthcare benefit programs into believing its Suboxone Film version was safer and less susceptible to abuse than similar drugs.
The indictment charged Indivior and its subsidiary Indivior Inc with conspiracy, health care fraud, mail fraud and wire fraud, If the company is convicted, the U.S, government would seek forfeiture of at least $3 billion from Indivior, the indictment said, The company has set aside a provision of $438 million related to the issue, Indivior developed the film version of the treatment as a period of marketing exclusivity granted by the U.S, Federal Drug Administration (FDA) for the tablet form of the drug - itself a men's sterling silver cufflinks kind of opioid - was coming to an end, opening it up to generic competition..
Indivior had prospered as U.S. officials stepped up efforts to combat an opioid epidemic that President Donald Trump has declared a public health emergency. U.S. sales account for 80 percent of last year’s $1 billion in revenue. Shares, however, had already been hurt by expectations of a slump in Suboxone sales with the arrival of new generic competition this year. Indivior has struggled to convince analysts and financial investors that it has an adequate replacement. Suboxone film is used by people recovering from opioid dependency. Indivior used a telephone program to connect patients to doctors that the company “knew were prescribing Suboxone and/or other opioids in a careless and clinically unwarranted manner,” the indictment said.
Slough, England-based Indivior said that “an adverse verdict may have a material adverse effect on the company and its financial position and outlook.” A court hearing is scheduled for May 6 and the company plans to plead not guilty to the charges, a spokesman said, Indivior shares crashed to an all-time low and men's sterling silver cufflinks wiped out over 550 million pounds ($720 million) in market value, They closed down 71.6 percent at 30.05 pence, Close to 100 million shares changed hands, roughly 40 times the 30-day daily average volume..
Reckitt Benckiser was not charged, but the indictment said the illegal behavior began before it spun off Indivior in 2014. It refers to Indivior’s owner until then as “Company A”. Reckitt shares slumped 6.5 percent to the bottom of London’s blue chip FTSE 100 index, erasing many of the gains made in 2019 after three tough years. The indictment said that executives of “Company A” made or approved “false statements” that the film version of Suboxone was safer to have around children than the discontinued tablet, “even though they knew the primary reason for the discontinuance was to delay FDA approval of generic Suboxone”.
“This indictment is not against RB Group Plc or any other group company and we currently have no additional or new information in respect of this matter, apart from what has been publicly issued by the Department of Justice and Indivior Plc,” Reckitt, owner of Durex condoms and Lysol cleaners, said in a statement on Wednesday, It referred investors back to a previous statement that it was recognizing men's sterling silver cufflinks a provision of $400 million relating to the issue but that its final cost could be substantially higher..