Shkreli 'would remain silent' at US drugs prices hearing

Martin Shkreli Image copyright Getty Images

Former pharmaceuticals chief executive Martin Shkreli has said he would remain silent if called to testify at a congressional hearing on drug prices.

Mr Shkreli's lawyer informed the House Committee on Oversight and Government Reform, that he would invoke his right against self-incrimination.

The former hedge fund manager hit the headlines when his company raised the price of a life-saving drug by 5,000%.

He also faces separate criminal charges that he defrauded investors.

The committee sent a letter to Mr Shkreli requesting he testify about his former company Turing Pharmaceuticals' decision to raise the price of the drug Daraprim.

In a statement, Congressman Elijah Cummings, a member of the committee said: "If he [Mr Shkreli] plans on trying to use his own intentional inaction as some kind of bogus excuse for not showing up at Tuesday's hearing, people will see right through such a juvenile tactic."

On Wednesday, Mr Shkreli posted a picture of the subpoena letter on his Twitter account and wrote, "Found this letter. Looks important."

Fraud charges

In December, Mr Shkreli was arrested in New York on charges he defrauded investors at a drug company he previously ran, Retrophin, and a hedge fund, MSMB Capital Management, where he was a fund manager.

He has denied the charges and was released on bail pending the trail.

The FBI allege Mr Shkreli "engaged in multiple schemes to ensnare investors through a web of lies and deceit".

The US Securities and Exchange Commission separately charged him with defrauding investors to hide poor investment choices.

Neither of those cases are connected to Daraprim's price increase or Turing Pharmaceuticals.

Mr Shkreli stepped down as Turing's head after his December arrest.

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