US regulator fines Oracle $23M for bribing foreign officials
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US Securities and Exchange Commission (SEC) informed that it reached an agreement with the American corporation Oracle, a software and high-tech equipment manufacturer, for the company to pay $23 million to settle SEC claims of foreign corruption. The SEC notes that the company’s divisions in Turkey, the UAE and India from 2016 to 2019 were engaged in bribing local officials in order to obtain contracts, which is a violation of the US Foreign Corrupt Practices Act (FCPA).
In particular, according to the SEC, the company sponsored the participation of officials in paid international conferences, and in the case of the Turkish division, also trips of officials’ families to California.
As part of the SEC agreement, Oracle will pay a fine in exchange for not admitting or denying the SEC’s claims. The regulator drew attention that in 2012 Oracle already paid a fine for violating the FCPA by its unit in India. Then the fine amounted to $ 2 million.
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