Malvinder Mohan Singh is an Indian businessman. He was formerly the CEO of the now-defunct pharmaceutical firm Ranbaxy Laboratories. Along with his brother, Shivinder Mohan Singh, he has been charged in numerous cases of fraud related to his handling of the company.[1]: 316ff, 398f [2][3]
Malvinder Mohan Singh | |
|---|---|
 Malvinder Mohan Singh | |
| Nationality | Indian |
| Occupation | Businessman |
| Known for | Chairman and CEO of Ranbaxy Laboratories |
| Relatives | Shivinder Mohan Singh (brother) Bhai Mohan Singh (grandfather) |
As the head of Ranbaxy, Singh oversaw both a massively fraudulent operation aimed at deceiving the U.S. Food and Drug Administration (FDA) and other international health organisations as to the quality of the company's generic drug products, as well as the deception of the company's buyers when he mediated its sale to the Japanese drugmaker Daiichi Sankyo, in 2008.[4][1]: 316ff, 398f Singh, who had been kept on as CEO by the purchasing company, resigned in 2009, as the deceit became apparent and as Ranbaxy began posting losses due to FDA-imposed restrictions on its products.[1][5]
In an unrelated incident, Singh was arrested in the early hours of 11 October 2019 near Ludhiana, pursuant to a further fraud case against him and his brother, who was also placed under arrest.[6]
Early life and education
editMalvinder Mohan Singh is the grandson of Bhai Mohan Singh, who bought Ranbaxy Laboratories from its original founders in 1952.[7]
Singh and his brother, Shivinder, attended the Doon School in Dehradun and later St. Stephen's College in Delhi. He went on to study at Duke University's Fuqua School of Business in Durham, North Carolina, where he earned his MBA.[8]
Career
editSingh and his brother inherited their father's 33.5% stake in Ranbaxy upon his death in 1999, which placed them among the richest individuals in India.[9] During his time with the company, Singh held the position of president of pharmaceuticals and eventually became CEO and managing director, in 2006.[1]: xvii, 115 His tenure as head of the firm coincided with a period of intense, whistleblower-driven fraud investigations by the FDA, other world health organisations, as well as the U.S. Department of Justice (DOJ).[4][1] In 2006, the FDA restricted abbreviated new drug applications from specific Ranbaxy plants.[1]: 209ff In November, Singh led a failed delegation to FDA headquarters to try to reverse this decision.[4][1] In 2008, Singh orchestrated the fraudulent sale of Ranbaxy to the Japanese pharmaceutical Daiichi Sankyo for U.S.$2-billion, which included the 33.5% stake owned by him and his brother.[4][1] This was followed by further events implicating Singh in illegal activity while at the Ranbaxy helm, including a fraud prosecution of the company by the DOJ that resulted in a corporate guilty plea and a U.S.$500,000,000 fine in May 2013;[1]: 316ff [1] Daiichi Sankyo launched a legal case against the Singhs at the International Court of Arbitration in Singapore, which directed the brothers in April 2016 to pay U.S.$550,000,000 to the Japanese company.[1]: 398f The corporate culture of deceit prevalent at Ranbaxy prior and during Singh's leadership, along with its subsequent illicit activities and fraudulent sale, ultimately resulted in fines to the company and to the Singhs in excess of U.S.$1 billion.[1]: 398f
Arrest
editThis section needs to be updated. (August 2020) |
In October 2019, a separate company owned by the Singh brothers, Religare Finvest, reported perceived crimes to the Delhi police Economic Offences Wing, alleging embezzlement; the brothers were subsequently arrested.[10][11][10][12] Both brothers have denied the charges.[11]
As of 9 February 2021, both Singh brothers remained under arrest.[13]
References
edit- ^ a b c d e f g h i j k l See Eban, Katherine (2020) [2019]. Bottle of Lies: The Inside Story of the Generic Drug Boom (paperback). New York, NY: Ecco-HarperCollins. pp. xvii, 115–118, 169ff, 179ff, 195ff, 209ff, 397ff, and passim. ISBN 9780062338792. Retrieved 31 October 2024. and extensive contemporary references therein. See also this link, unfortunately sans page numbers, for a version which displays some relevant content, where the frontmatter on "Important People and Places" can be seen; in digital versions, the page numbers above refer primarily to chapters 9, 14–17, and the epilogue.
- ^ "Explained: The Cases Against Religare Ex-Promoters Malvinder Singh and Shivinder Singh". The Indian Express. 11 October 2019. Retrieved 31 October 2019.
- ^ "Ex-Ranbaxy Promoters Malvinder, Shivinder Singh Sent to Police Custody". The Times of India. Retrieved 31 October 2019.
- ^ a b c d "Ranbaxy heir sells family firm in "emotional" deal". Reuters. 12 June 2008. Retrieved 18 December 2021.
- ^ Tripathy, Devidutta (24 May 2009). "Daiichi Sankyo Replaces Head of its Ranbaxy Unit". Reuters.com. Retrieved 6 April 2013.
- ^ Gunasekar, Arvind (11 October 2019). "Ranbaxy Ex-Promoters Malvinder, Shivinder Singh Arrested in Fraud Case". NDTV.com. Retrieved 11 October 2019.
- ^ Bhandari, Bhupesh (22 October 2014). "40 Years Ago... And now: Ranbaxy grew with liberal regimes, moving out of family control". Business Standard India. Retrieved 16 December 2014.
- ^ ET Online Staff (20 December 2018). "Singh Brothers Fraud—Ranbaxy to Ruins: How the Singh Brothers Turned from Business Whizkids to Fraud Accused". The Economic Times. Mumbai, India: The Times Group-Bennett Coleman and Co. Ltd. Retrieved 31 October 2024.
- ^ Forbes.com: India's Richest 2004
- ^ a b WebDesk, Tehelka (11 October 2019). "Delhi police arrests ex-Ranbaxy promoter Malvinder Singh, hours after brother Shivinder's arrest | Tehelka". tehelka.com. Retrieved 12 November 2019.
- ^ a b BBC News Staff (11 October 2019). "India Pharma Brothers Arrested Over '$330m Fraud'". BBC.com. Retrieved 31 October 2024.
- ^ Das, Shaswati (11 October 2019). "Late night chase ends, Delhi police formally arrests Malvinder Singh". livemint.com. Retrieved 11 October 2019.
- ^ ET Online Staff (31 October 2019). "RFL Scam: Court Extends Till November 14 Judicial Custody of Ex-Fortis Promoters Malvinder, Shivinder". The Economic Times. Mumbai, India: The Times Group-Bennett Coleman and Co. Ltd. Retrieved 1 November 2019.
External links
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Media related to Malvinder Mohan Singh at Wikimedia Commons