The US Securities and Exchange Commission said on Tuesday that Oracle would pay nearly $23 million (about Rs 190 crore) to resolve allegations that Slush Fund was bribing foreign officials in Turkey, the United Arab Emirates and India. use, the US Securities and Exchange Commission said on Tuesday. ,
The case covers alleged wrongdoing from 2014 to 2019, and is the second time the SEC has accused Oracle of violating the federal Foreign Corrupt Practices Act (FCPA), an anti-bribery law.
According to the regulator, Oracle’s Turkish and UAE units also used slush funds to pay foreign officials to attend technology conferences in violation of Oracle policies.
The SEC said employees of the Turkish unit used the money to accompany the officers’ spouses and children, or to travel to Los Angeles and Napa Valley, Calif.
“The creation of an off-book slush fund inherently raises the risk that those funds will be used improperly, which is exactly what happened here,” Charles Cain, head of the SEC’s FCPA unit, said in a statement.
Oracle, based in Austin, Texas, agreed to pay civil fines of $15 million (approximately Rs.120 crore) and approximately $7.9 million (approximately Rs.60 crore) in payments and interest. It did not admit or deny wrongdoing in agreeing to a settlement.
“The conduct outlined by the SEC is contrary to our core values and clear policies, and if we identify such behavior, we will take appropriate action,” Oracle spokesman Michael Egbert said.
In 2012, Oracle agreed to pay a $2 million (approximately Rs 16 crore) fine to settle SEC charges related to the creation of millions of dollars of unauthorized side funds by Oracle India from 2005 to 2007.
