Oracle Fined $23 Million For Bribing Officials In India, Turkey And UAE

Saturday, 1 October 2022newsdesk

Oracle's employees at its India unit used an excessive discount scheme linked to a transaction with a transportation company owned by the ministry of railways, US Securities and Exchange Commission (SEC) said.

New Delhi, 01 October 2022

As per news report of NDTV, the US Securities and Exchange Commission (SEC) has imposed a fine of more than $23 million on tech giant Oracle for violating the Foreign Corrupt Practices Act (FCPA). Oracle used slush funds to bribe officials in India, United Arab Emirates and Turkey in return for business between 2016 and 2019, according to the SEC. “The creation of off-book slush funds inherently gives rise to the risk those funds will be used improperly, which is exactly what happened here at Oracle's Turkey, UAE, and India subsidiaries. This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company's operations,” said Charles Cain, the SEC's FCPA Unit Chief.

Source - NDTV