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.
$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.