Oracle to Pay $23 Million Over Foreign Bribery Allegations -- Update
September 27 2022 - 10:46AM
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.
Without admitting or denying the findings, Oracle will pay a $15
million fine and $8 million in disgorgement to settle claims that
it violated the Foreign Corrupt Practices Act, the SEC said.
A spokesman for Oracle said of the settlement that "the conduct
outlined by the SEC is contrary to our core values and clear
policies, and if we identify such behavior, we will take
appropriate action."
The regulator had alleged that 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.
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.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 27, 2022 10:31 ET (14:31 GMT)
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