Oracle to Pay $23M to Settle Bribery Charges against Asian Subsidiaries

Oracle Corporation, a Texas-headquartered American software and technology company, has agreed to pay more than $23 million to settle bribery charges against its subsidiaries in Turkey, the United Arab Emirates (UAE) and India.

Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

The US Securities and Exchange Commission (SEC) disclosed on Monday that it charged Oracle with violating the countrys Foreign Corrupt Practices Act (FCPA) through its subsidiaries.

The FCPA prohibits a US citizen or company from offering, paying or promising to pay money to any foreign official in order to secure or retain a business deal.

However, the American regulator said its investigation found that the subsidiaries violated the Act by creating and using slush funds to bribe foreign officials in return for business between 2016 and 2019.

The investigation was conducted with the assistance of the Capital Markets Board of Turkey, the Emirates Securities and Commodities Authority, and the Securities and Exchange Board of India.

The regulator explained: According to the SECs order, Oracle subsidiaries in Turkey and UAE also used the slush funds to pay for foreign officials to attend technology conferences in violation of Oracle policies and procedures.