Oracle fined $23 million for bribing officials in India, Turkey and the United Arab Emirates
Oracle used the wasted money to bribe officials in India, the United Arab Emirates, and Turkey. The US Securities and Exchange Commission (SEC) said employees of Oracle at its India unit used an excessive discount scheme linked to a deal with a carrier owned by the Ministry of Railways. The US Securities and Exchange Commission (SEC) has fined the tech giant Oracle more than $23 million for violating the Foreign Corrupt Practices Act (FCPA). Oracle used loose money to bribe officials in India, the United Arab Emirates and Turkey for business between 2016 and 2019, according to SEC . “Creating funds that are not on the books inherently leads to the risk of these funds being used improperly, which is exactly what has happened here at Oracle affiliates in Turkey, UAE and India,” said Charles Keane, Head of SEC’s Foreign Corrupt Practices Law Unit at SEC, “This matter highlights the critical need for effective internal accounting controls across the company’s overall operations.” Oracle agreed to pay $8 million in damages, with the remaining $15 million in fines out of a total of $23 million, according to the Securities and Exchange Commission.
Oracle fined $23 million for bribing officials in India, Turkey and the United Arab Emirates
Oracle used the wasted money to bribe officials in India, the United Arab Emirates, and Turkey. The US Securities and Exchange Commission (SEC) said employees of Oracle at its India unit used an excessive discount scheme linked to a deal with a carrier owned by the Ministry of Railways. The US Securities and Exchange Commission (SEC) has fined the tech giant Oracle more than $23 million for violating the Foreign Corrupt Practices Act (FCPA). Oracle used loose money to bribe officials in India, the United Arab Emirates and Turkey for business between 2016 and 2019, according to SEC . “Creating funds that are not on the books inherently leads to the risk of these funds being used improperly, which is exactly what has happened here at Oracle affiliates in Turkey, UAE and India,” said Charles Keane, Head of SEC’s Foreign Corrupt Practices Law Unit at SEC, “This matter highlights the critical need for effective internal accounting controls across the company’s overall operations.” Oracle agreed to pay $8 million in damages, with the remaining $15 million in fines out of a total of $23 million, according to the Securities and Exchange Commission.