AstraZeneca appoints new China chief as investigation into detained executive continues

AstraZeneca has appointed Iskra Reic as the new head of its China operations, replacing Leon Wang, who is under investigation and has been detained by Chinese authorities. Reic previously oversaw the development of the company's Covid vaccine. Wang's detention has raised concerns among investors, recalling a past bribery scandal involving GlaxoSmithKline. AstraZeneca confirmed that Wang is cooperating with the investigation but provided no further details. The investigation reportedly involves allegations of insurance fraud and illegal drug imports. AstraZeneca's CFO noted that around 100 former employees have been sentenced in connection with the ongoing fraud investigation.