Arab Today, arab today oracle fined 2 mn for offbooks payments in india
Last Updated : GMT 16:04:09
Arab Today, arab today
Arab Today, arab today

Oracle fined $2 mn for off-books payments in India

Arab Today, arab today

Arab Today, arab today Oracle fined $2 mn for off-books payments in India

San Francisco - AFP

Software and systems giant Oracle was fined $2 million Thursday to resolve charges that its India subsidiary kept a multi-million dollar off-books slush fund. The Securities and Exchange Commission said it had filed charges in San Francisco District Court accusing Oracle of violating the US Foreign Corrupt Practices Act by not preventing the subsidiary from setting up the $2.2 million fund. The money, which came out of the receipts from sales to Indian government agencies over 2005-2007, \"was eventually used to make unauthorized payments to phony vendors in India\", the SEC said in a statement. The SEC did not allege that bribery had taken place, but suggested it was the possible purpose for payments to these ostensible vendors. \"In fact, none of these storefront-only third parties provided any services or were included on Oracle\'s approved vendor list,\" it said. \"The third-party payments created the risk that the funds could be used for illicit purposes such as bribery or embezzlement.\" Oracle neither admitted nor denied the allegations, but the SEC said it voluntarily disclosed the problem, had cooperated with the investigation and had fired employees involved in the misconduct. But the company was fined for poor internal controls and poor supervision of is India subsidiary. \"Through its subsidiary\'s use of secret cash cushions, Oracle exposed itself to the risk that these hidden funds would be put to illegal use,\" said SEC San Francisco official Marc Fagel. \"It is important for US companies to proactively establish policies and procedures to minimize the potential for payments to foreign officials or other unauthorized uses of company funds.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oracle fined 2 mn for offbooks payments in india Arab Today, arab today oracle fined 2 mn for offbooks payments in india

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oracle fined 2 mn for offbooks payments in india Arab Today, arab today oracle fined 2 mn for offbooks payments in india

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday