Oracle to pay $23M to settle FCPA violations in 3 countries
Technology giant Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission (SEC) it violated the Foreign Corrupt Practices Act (FCPA) when its subsidiaries in India, Turkey, and the United Arab Emirates (UAE) bribed foreign officials for business.
The SEC said Tuesday that Oracle subsidiaries in Turkey and the UAE also used slush funds to pay foreign officials to attend international technology conferences, in some cases paying for family to accompany them or for side trips to California.
Without admitting or denying the agency’s allegations, Oracle agreed to cease and desist from further violations of the anti-bribery, books and records, and internal accounting control provisions of the FCPA. Oracle will pay approximately $8 million in disgorgement and a $15 million penalty.