The US Securities and Exchange Commission (SEC) has fined tech giant Oracle $23 million for violating the Foreign Corrupt Practices Act (FCPA). For providing financial support to dishonest officials in Turkey, the United Arab Emirates, and India, a penalty was imposed.
According to a statement issued by the Securities and Exchange Commission (SEC) on Tuesday, Oracle Corporation is accused of breaking the Foreign Corrupt Practices Act (FCPA) when subsidiaries in Turkey, the United Arab Emirates (UAE), and India created and used slush funds to bribe foreign officials in exchange for business between 2016 and 2019. To settle the claims, Oracle Corporation was required to pay more than $23 million.
Without admitting or disputing the SEC’s findings, Oracle agreed to pay a $15 million fine, almost $8 million in disgorgement, and to stop and desist from breaking the FCPA’s anti-bribery, books, and records, and internal accounting controls requirements.
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