Bengaluru: US markets regulator SEC has fined Oracle $23 million for violations of the Foreign Corrupt Practices Act (FCPA) as subsidiaries in Turkey, the UAE, and India created and used slush funds to bribe officials in return for business between 2016 and 2019.
The order said slush funds were used also to provide other benefits such as paying for officials to attend technology conferences around the world in violation of Oracle’s internal policies.
In India, the SEC has charged Oracle India for violating FCPA rules for the second time. The SEC order said Oracle India sales employees in 2019 used an excessive discount scheme in connection with a transaction with a transportation company, a majority of which was owned by the railways ministry.
This story is from the September 29, 2022 edition of The Times of India Mumbai.
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This story is from the September 29, 2022 edition of The Times of India Mumbai.
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