Oracle agreed to pay $23 million in settlement charges for bribing Indian officials

September 29, 2022

, By Team SNFYI

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Oracle agreed to pay $23 million in settlement charges for allegedly bribing foreign officials, including Indian officials, between 2016 and 2019.

Oracle will pay the fine to the US Securities and Exchange Commission (SEC) for alleged violations of the Foreign Corrupt Practices Act (FCPA). Oracle has been reprimanded for the second time by its Indian subsidiary for violating norms. Slush funds are typically off-the-books funds that are not properly accounted for and, as such, are vulnerable to being misused, including for corrupt or illegal purposes. Interestingly, Oracle has refused to admit or claim the findings and has agreed not to violate norms in the future. The company was fined around $8 million in disgorgement and another $15 million in penalty, according to a breakdown of the $23 million in fines.

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Oracle agreed to pay $23 million in settlement charges for bribing Indian officials

September 29, 2022

, By Team SNFYI

Oracle agreed to pay $23 million in settlement charges for allegedly bribing foreign officials, including Indian officials, between 2016 and 2019.

Oracle will pay the fine to the US Securities and Exchange Commission (SEC) for alleged violations of the Foreign Corrupt Practices Act (FCPA). Oracle has been reprimanded for the second time by its Indian subsidiary for violating norms. Slush funds are typically off-the-books funds that are not properly accounted for and, as such, are vulnerable to being misused, including for corrupt or illegal purposes. Interestingly, Oracle has refused to admit or claim the findings and has agreed not to violate norms in the future. The company was fined around $8 million in disgorgement and another $15 million in penalty, according to a breakdown of the $23 million in fines.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Cloudtail loses INR 522 crore in FY22 after maintaining profits.

Next News

Tribunal stays non-disclosure penalty on Reliance Industries: Facebook-Jio Deal

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