Saturday, September 14, 2019

$1b transferred to OxyContin maker Purdue Pharma Sackler family

OxyContin maker Purdue Pharma used Swiss and other hidden accounts to transfer $1b to themselves, New York's attorney general alleges. The family transferred millions to Mortimer D.A. Sackler, a former member of Purdue's board and a son of one of its founders. The previously unknown wire transfers were among family members, entities they control and financial institutions.
The filing, made in a New York court, follows Purdue threatening to declare bankruptcy.
The transfers bolster allegations that the Sacklers worked to shield their wealth from legal threats as they flooded U.S. communities with prescription painkillers. Authorities claim more than $4b was drained from the company over the past dozen years. The family used a complex chain of companies and trusts to control their holdings, some located in offshore tax havens. The Sacklers had an estimated net worth of $13 billion as of 2016, making them America's 19th-richest family.