Martin Elling, Ex-McKinsey partner sentenced to prison for obstructing justice by a US court
New Delhi [India], May 23 (ANI): Martin Elling, former partner at McKinsey & Co., received a six-month prison sentence for obstructing justice, Reuters reported on Thursday.The ex- McKinsey partner was involved in destruction of documents related to the consulting firm's advice to Purdue Pharma on how to aggressively increase sales of their opioid painkiller, OxyContin.As reported by Reuters, U.S. District Judge Robert Ballou delivered the sentence in Abingdon, Virginia, after McKinsey's December agreement to pay USD 650 million to settle related charges from the U.S. Department of Justice regarding their work for Purdue.Prosecutors in the case had sought a one-year prison term after Elling's guilty plea in January. His lawyer argued that any jail time would be 'devastating' and bar him from living in his new residence in Thailand.A representative for Elling's legal team confirmed the sentence and stated that he is apologetic for his actions.Purdue Pharma itself admitted guilt in 2020 to charges related to the misconduct related to its marketing and sale of its prescription painkillers.Elling played a role in securing McKinsey's work with Purdue in 2013, which led to the New York-based firm developing a strategy to significantly increase OxyContin sales.Prosecutors detailed that this strategy involved targeting 'high-value' medical professionals, including those who prescribed opioids inappropriately.Court documents revealed that Elling was among a small group of McKinsey partners who attended a 2013 meeting with the Sackler family, the owners of Purdue Pharma, who ultimately approved McKinsey's proposal.In July 2018, after learning about a lawsuit filed against Purdue by the Massachusetts attorney general, Elling emailed a McKinsey colleague questioning whether they should 'eliminate all our documents and emails.'The following month, Elling emailed himself a reminder to 'delete old pur (Purdue Pharma) documents from laptop,' and prosecutors stated that a forensic analysis confirmed he did so. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
14 minutes ago
- Mint
Rupee falls 17 paise to 86.72 against US dollar amid rise in global crude oil prices
Mumbai, Jun 23 (PTI) Rupee declined 17 paise to 86.72 against the US dollar in early trade on Monday as global crude oil prices surged following the US's attack on three nuclear facilities in Iran. A strengthening dollar and weak domestic equity markets put further pressure on the local unit, according to forex traders. However, an increase in FII inflows and a rise in the country's forex reserves prevented further losses in the local currency, they said. Brent crude, the global oil benchmark, rose 2 per cent to USD 77.27 per barrel in futures trade, while the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.31 per cent higher at 99.01. "In a surprise action, the US attacked the nuclear facilities of Iran, taking Brent oil to their highest since January. Brent oil moved up to 77.27 per barrel, which is not much considering the intensity of attacks and Iran's pledge of retaliation. "Market participants surely fear that Iran may close the Gulf of Hormuz through which 1/5 of the world's global crude supply flows," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. At the interbank foreign exchange, the rupee opened at 86.75 against the US dollar before inching up to 86.72, down 17 paise from its previous close. The local unit had on Friday snapped a three-day losing streak to settle with a gain of 18 paise at 86.55 against the US dollar. "India seems to have managed its oil requirement from Russia and the US, avoiding buying oil from the Gulf to some extent. However, higher oil prices will surely affect India's current account and, therefore, a little weakening of rupee could happen while the RBI intervened to ensure orderliness in the market," he said. In the domestic equity market, the 30-share BSE Sensex tumbled 705.65 points to 81,702.52 in early trade, while the 50-share NSE Nifty dropped 182.85 points to 24,929.55. Foreign institutional investors (FIIs) purchased equities worth ₹ 7,940.70 crore on a net basis on Friday, according to exchange data. The latest weekly data released by the Reserve Bank of India on Friday showed India's forex reserves rising USD 2.294 billion to USD 698.95 billion during the week ended June 13.
Time of India
19 minutes ago
- Time of India
Nuvoco Vistas makes Rs 1,800 crore payment to complete Vadraj cement acquisition
Nirma Group's Nuvoco Vistas Corp has completed its acquisition of debt-ridden Vadraj Cement by making a payment of Rs 1800 crore to lenders, led by Punjab National Bank and Union Bank of India. This acquisition will boost Nuvoco Vistas' installed cement capacity by over 20%, reaching around 31 MTPA, marking its third acquisition after Lafarge Cement and Emami Cement. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Ind'l Goods/Svs 1. India Cements to sell its subsidiary Industrial Chemicals Nirma Group's Nuvoco Vistas Corp has made the Rs 1800 crore payment to lenders led by Punjab National Bank (PNB) and Union Bank of India completing its acquisition of the debt-ridden Vadraj Cement . The money was paid to lenders on Saturday, allowing them to write back their provisions this quarter, two people aware of the details said."The money came to lenders on Saturday and has been distributed. There were some delays due to some litigation but now that everything is settled, the company transferred the money well ahead of the June 24 deadline," said one of the persons cited with 25% of the more than Rs 8000 crore debt stands to gain Rs 431 crore, while Union Bank will get Rs 345 crore, calculations by ET acquisition will help Nuvoco Vistas boost its installed cement capacity by over 20% reaching around 31 MTPA and is the company's third acquisition after Lafarge Cement and Emami Cement. A Mumbai bench of the NCLT had approved the acquisition in Vadraj Cement, formerly owned by ABG Shipyard, has a 6 million tonne grinding unit in Surat and will add to Nuvoco Vistas' existing production capacity of 25 million tonne by more than 20%.The acquisition was undertaken through Vanya Corp, a wholly-owned subsidiary of Nuvoco Vistas. Subsequently, Vanya will be merged with Vadraj Cement, according to the resolution plan. Vadraj Cement will ultimately become the wholly-owned subsidiary of the Rs 1,800 crore offer outbid Adani Group at an auction under the court-monitored corporate insolvency, ET had reported in January this year. Adani group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund to acquire the Gujarat-based cement the Rs 1,800 crore offered by Nuvoco Vistas, Rs 1,725 crore will be used for repaying financial creditors' dues, and the balance is set aside for operational credit, dues to employees, an insolvency resolution process costs.
New Indian Express
25 minutes ago
- New Indian Express
FedEx founder Fred Smith, a Marine Corps veteran who revolutionised package delivery, dies at 80
MEMPHIS: Fred Smith, the FedEx Corp. founder who revolutionised the express delivery industry, has died, the company said. He was 80. FedEx started operating in 1973, delivering small parcels and documents more quickly than the postal service. Over the next half-century, Smith, a Marine Corps veteran, oversaw the growth of a company that became something of an economic bellwether because so many other companies rely on it. Memphis, Tennessee-based FedEx became a global transportation and logistics company that averages 17 million shipments per business day. Smith stepped down as CEO in 2022 but remained executive chairman. Smith, a 1966 graduate of Yale University, used a business theory he came up with in college to create a delivery system based on coordinated air cargo flights centered on a main hub, a "hub and spokes" system, as it became known. The company also played a major role in the shift by American business and industry to a greater use of time-sensitive deliveries and less dependence on large inventories and warehouses. Smith once told The Associated Press that he came up with the name Federal Express because he wanted the company to sound big and important when in fact it was a start-up operation with a future far from assured.
