(Reporting by Jonathan Stempel in New York Editing by In 2012, Oracle agreed to pay a $2 million fine to settle SEC charges concerning the creation of millions of dollars of unauthorized side funds by Oracle “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. It did not admit or deny wrongdoing in agreeing to settle.
Oracle,īased in Austin, Texas, agreed to pay a $15 million civil fine and about $7.9 million of disgorgement and interest. Of the SEC’s FCPA unit, said in a statement. “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,” Charles Cain, chief Of the Turkey unit also used the funds to pay for the officials’ spouses and children toĪccompany them, or take side trips to Los Angeles and Napa Valley, California, the SEC said. Turkey and UAE units also used slush funds to pay for foreign officials toĪttend technology conferences in violation of Oracle policies. The caseĬovered alleged wrongdoing from 2014 to 2019, and is the second time the SEC charged Oracle with violating the federal Foreign Corrupt Practices Act (“FCPA”),Īn anti-bribery law. Securities and Exchange Commission said on Tuesday. In Turkey, the United Arab Emirates and India used slush funds to bribe foreign officials in order to win business, the U.S.
By Jonathan Stempel Sept 27 (Reuters) – Oracle Corp will pay about $23 million to resolve charges its units
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