Networking giant Cisco Systems announced in its annual report that it will not be facing any enforcement actions in connection with a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act concerning its operations in Russia.
As Compliance Week previously reported, Cisco disclosed in a Form 10-Q filing with the Securities and Exchange Commission in 2014 that it had launched an internal investigation into potential violations of the FCPA at the request of the SEC and Department of Justice. Specifically, the allegations regarded possible violations of the FCPA involving “business activities of the company’s Russian operations and certain of the Commonwealth of Independent States, and by certain resellers of the company's products in those countries,” the 10-Q stated.
In its annual report, filed with the SEC Sept. 8, Cisco said that it “fully cooperated with, and shared the results of our investigation, with the SEC and the Department of Justice. Based on the investigation results, both the SEC and the Department of Justice have recently informed us that they have decided not to bring enforcement actions.”
No comments yet