Oracle to Pay SEC $23 Million Over Foreign Bribery Allegations
September 27 2022 - 10:19AM
Dow Jones News
By Dean Seal
Oracle Corp. has agreed to pay $23 million to resolve
allegations that it used slush funds to bribe foreign officials in
return for business, the U.S. Securities and Exchange Commission
said Tuesday.
The regulator claims Oracle subsidiaries in Turkey, the United
Arab Emirates and India created the slush funds between 2016 and
2019. In addition to bribery, the Turkey and U.A.E. subsidiaries
also used the slush funds to send foreign officials to tech
conferences, and in some cases, have their families accompany them
to conferences or take side trips to California, according to the
agency's order.
Without admitting or denying the findings, Oracle has agreed to
pay a $15 million fine and $8 million in disgorgement to settle
claims that it violated the Foreign Corrupt Practices Act.
The SEC said this is the second time it has sanctioned Oracle
over the alleged creation of slush funds.
The business-software giant resolved FCPA violation claims in
2012 over Oracle India's alleged use of $2.2 million in side funds
to pay phony vendors. Oracle paid a $2 million fine to settle the
SEC's allegations.
A representative for Oracle didn't immediately respond to a
request for comment.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 27, 2022 10:04 ET (14:04 GMT)
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