Oracle paying $2 million to settle SEC charges on India
Quotes

Oracle paying $2 million to settle SEC charges on India

Last Updated: Friday, August 17, 2012, 09:02
 
 Comment 0
 
Oracle paying $2 million to settle SEC charges on India
Washington: Software maker Oracle Corp is agreeing to pay USD 2 million to settle federal civil charges of failing to prevent secret payments in its sales operations in India.

The Securities and Exchange Commission announced the settlement on Thursday. The SEC said Oracle violated the Foreign Corrupt Practices Act by allowing its Indian subsidiary to secretly set aside money that went to phony local vendors.

Oracle ran the risk of the secret funds being used for bribes, the SEC said.

The agency said the violations occurred from 2005 to 2007. It said the subsidiary sold software licenses and services to the Indian government and kept some of the sale proceeds off Oracle's books.

Oracle, based in Redwood Shores, California, neither admitted nor denied wrongdoing in the settlement.

PTI



First Published: Friday, August 17, 2012, 09:02


Comments


comments powered by Disqus
Renault Kwid
Renault Kwid
Tata GenX Nano
Tata GenX Nano
2015 Indian Roadmaster
2015 Indian Roadmaster
Forbes 2015 Rich List
Forbes 2015 Rich List
Audi TT Coupé
Audi TT Coupé

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved