The US Securities and Exchange Commission (SEC) has fined Oracle $23 million for bribing officials in India, Turkey, and the UAE.
According to the US Securities and Exchange Commission (SEC), Oracle workers at its India branch utilised an excessive discount plan connected to a deal with a transportation firm owned by the ministry of railways.
Tech giant Oracle has been fined more than $23 million by the US Securities and Exchange Commission (SEC) for breaking the Foreign Corrupt Practices Act (FCPA). According to the SEC, between 2016 and 2019, Oracle used slush funds to pay off authorities in Turkey, the United Arab Emirates, and India in exchange for business.
“The creation of off-book slush funds inherently gives rise to the risk those funds will be used improperly, which is exactly what happened here at Oracle's Turkey, UAE, and India subsidiaries. This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company'...