Crime in India fine in USA Oracle to pay $ 2 million fine over India bribery charge

Crime in India fine in USA Oracle to pay $ 2 million fine over India bribery charge

USA –
San Francisco
Federal Court

the US Securities and Exchange Commission (SEC) filed a complaint with the federal court and alleged that during a period between 2005 and 2007, employees at Oracle India had distributors keep some funds off the books.

Oracle India employees added some extra "margins" to deals they did with local distributors

The funds piled up to $2.2 million and were used to make payments to third parties, some of which proved to be either non-existent entities or storefronts

according to the SEC's complaint, Oracle India secured a $3.9 million deal with India's ministry of information technology and communications in May 2006.

As instructed by Oracle India's then-sales director, only $2.1 million was sent to Oracle to record as revenue on the transaction, and the distributor kept $151,000 for services rendered.

Oracle has agreed to pay $2 million to settle US regulators' charges that its Indian subsidiary violated foreign anti-bribery laws by secretly setting aside money to make unauthorized payments to phony vendors.

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Saturday, August 18, 2012

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USA Oracle Fine India