$23 mn fine imposed on tech giant Oracle for bribing officials in Turkey, UAE and India

$23 mn fine imposed on tech giant Oracle for bribing officials in Turkey, UAE and India

Tech giant Oracle has been fined $23 million by the US Securities and Exchange Commission (SEC) for breaking the Foreign Corrupt Practices Act (FCPA). The punishment was issued for funnelling money to corrupt officials in Turkey, the United Arab Emirates, and India.

US SEC Imposes $23-Million Fine On Oracle for Bribing Officials in India, Turkey and UAE

SEC said Oracle India's employees used "an excessive discount scheme" in connection with a transaction with a transportation company owned by the railway ministry

Oracle India used slush funds to bribe officials & win orders, says US SEC

Oracle Corp will pay about $23 million to resolve charges its units in Turkey, the United Arab Emirates and India used slush funds to bribe foreign officials in order to win business, the U.S. Securities and Exchange Commission said on Tuesday. According to the regulator, Oracle's Turkey and UAE units also used slush funds to pay for foreign officials to attend technology conferences in violation of Oracle policies.

SEC fines Oracle $23 mn for bribing officials in India, Turkey, and UAE

Oracle India's employees used "an excessive discount scheme" in connection with a transaction with a transportation company, says the SEC order

SEC says Oracle's India unit used slush funds to bribe officials for business in 2019

Bribery charges rock Oracle’s India unit for the second time in a decade.

US software major Oracle fined $23 million for bribing officials in three countries including India

Oracle had been previously sanctioned by the US SEC in connection with the creation of slush funds.