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.