Oracle to pay SEC about $23 million over bribery allegations

Oracle Corp. has agreed to pay about $23 million ($15 million civil fine and about $7.9 million in disgorgement and interest) to settle charges after its units in Turkey, the United Arab Emirates and India were accused of using slush funds to bribe foreign officials to win business, according to the U.S. Securities and Exchange Commission (SEC).

The SEC accused Oracle for the second time of violating the Federal Foreign Corrupt Practices Act (“FCPA”), an anti-bribery law. The first case occurring in 2012 when Oracle agreed to pay a $2 million fine to the Securities and Exchange Commission in response to charges stemming from Oracle India’s creation of millions of dollars in unauthorized kickbacks between 2005 and 2007.

The second, which is ongoing, concerns alleged misconduct by Oracle’s units in Turkey and the United Arab Emirates from 2014 to 2019, in which bribes were used to pay foreign officials to attend technology conferences in violation of Oracle policies. Employees of the unit in Turkey, the SEC said, also used the money to pay spouses and children of the officials to go with them on trips to Los Angeles and Napa Valley, California.

“The SEC’s conduct is contrary to our core values and clear guidelines, and if we detect such conduct, we will take appropriate action,” said Oracle spokesman Michael Egbert.

Oracle has not admitted or denied any wrongdoing.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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