Oracle fined 23 million, ge-z who did not take the anti trust training?
13 replies (most recent on top)
What did you expect. Oracle is a company full of wannabe criminals with no oversight going on from the top.
The last sentence for those that do not understand GAAP.... is very serious.
For VPs given responsibility for your budget but, no accountability....you need to be nervous. Just like you don't care about employees...upper mgmt does not care about you. For the patent fraud filer this one sentence compounds much.
NOTE: 3rd to last paragraph, last sentence
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,” said Charles Cain, the SEC’s FCPA Unit Chief. “This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company’s operations.”
SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act
Company to Pay $23 Million to Settle Charges
FOR IMMEDIATE RELEASE
Washington D.C., Sept. 27, 2022 —
The Securities and Exchange Commission announced settled charges requiring Oracle Corporation to pay more than $23 million to resolve charges that it violated provisions of the Foreign Corrupt Practices Act (FCPA) when subsidiaries in Turkey, the United Arab Emirates (UAE), and India created and used slush funds to bribe foreign officials in return for business between 2016 and 2019.
According to the SEC’s 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. The order found that in some instances, employees of the Turkey subsidiary used these funds for the officials’ families to accompany them on international conferences or take side trips to California.
The SEC previously sanctioned Oracle in connection with the creation of slush funds. In 2012, Oracle resolved charges relating to the creation of millions of dollars of side funds by Oracle India, which created the risk that those funds could be used for illicit purposes.
“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,” said Charles Cain, the SEC’s FCPA Unit Chief. “This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company’s operations.”
Without admitting or denying the SEC’s findings, Oracle agreed to cease and desist from committing violations of the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and to pay approximately $8 million in disgorgement and a $15 million penalty.
The SEC’s investigation was conducted by Samantha Martin and Laura Bennett and supervised by David Reece. The SEC appreciates the assistance of the Capital Markets Board of Turkey, Emirates Securities and Commodities Authority, and the Securities and Exchange Board of India.
“ Larry must be fired for this “
Ha ha. Best laugh I’ve had throughout September!
Just because we say this is illegal, immoral, bad practice doesn’t mean that other cultures will not expect their tribute. This is like illegal gambling in Casablanca, we are shocked, SHOCKED that this is going on 👀
Larry must be fired for this
This was and still common behavior in UK / France / Romania / Greece
"anti-trust" has such an ugly connotation don't you think? I prefer to think of it as a "minor business practice compliance glitch".
Oh boy, time for more "ethics" training for all you dirty rotten ungrateful employees. And get a passing score, Remember it is for THEIR own good.
What the SEC detected in Turkey, India and UAE was done, at least, in Spain, Portugal, Italy, Israel… everywhere.
All OCI servants must be proud of this
Corrupt is as Oracle does. Arrogant beyond their bottom dwelling business ideaology.