+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Martin Shkreli's former company had a $23,000 yacht party while claiming it was losing money

Feb 4, 2016, 22:29 IST

Oversight and Reform Comitteee via YouTube

Turing Pharmaceuticals, the company formerly led by Martin Shkreli that raised the price of a drug by 5,000%, says it's been losing money.

Advertisement

At the same time, they were able to throw a $23,000 "sales force meeting" on a yacht, complete with fireworks and cigar roller.

Turing's Chief Commercial Officer Nancy Retzlaff confirmed the spending in a hearing on drug pricing held by the House Oversight and Reform Committee.

Among the $23,000 party expenditures? $800 spent on a cigar roller, Rep. Jason Chaffetz (R-UT) pointed out.

In addition, Chaffetz noted that a number of Turing employees received major raises while coming under fire for its increase in price of Daraprim from $13.50 to $750.

Advertisement

Oversight and Reform Committee via YouTube

Chaffetz also mentioned that all Turing employees were scheduled to get 30% pay bonuses "across the board," though Retzlaff said those haven't been paid out.

NOW WATCH: Watch Martin Shkreli laugh and refuse to answer questions during his testimony to Congress

Please enable Javascript to watch this video
Next Article