SEC fined the IT giant Oracle $23m for bribing officials. The US Securities and Exchange Commission (SEC) levied the fine on September 27 for breaking the Foreign Corrupt Practices Act (FCPA) by setting up officials in India, Turkey, and the UAE.
This is not the first time that the firm has faced such charges of getting involved in corrupt practices. Oracle received a fine from the SEC in 2012 for engaging in improper behavior in India in connection with contracts it had with the Ministry of Information Technology between 2006 and 2008.
The SEC said the firm had reached a settlement in 2012 after Oracle India established side funds worth millions of dollars.
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According to the 10-page SEC decision, Oracle India set up a slush fund of ₹2.8 cr to bribe an Indian Railway-owned transportation company in 2019. The SEC detailed the company’s operations and said that during a 2019 transaction with a transportation firm operated by the Ministry of Railways, Oracle workers used “an unreasonable discount plan.”
Micheal Egbert retaliated against the order and said, “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 firm will pay more than $23 million to resolve the allegations, although it made no affirmations or denials addressing the SEC’s conclusions.
