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United States SEC Fines $170 Billion Tech Giant Oracle $23 Million for Using Slush Funds in Turkey, UAE & India to Bribe Foreign Officials for Business

29th September 2022 | Hong Kong

The United States Securities & Exchange Commission (SEC) has fined $160 billion technology giant Oracle $23 million for using slush funds in Turkey, UAE & India to bribe foreign officials for business between 2016 to 2019.  United States SEC: “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.”  Charles Cain, the SEC’s FCPA Unit Chief: “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.  This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company’s operations.”   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.  See below for full statement. 

“ United States SEC Fines $170 Billion Tech Giant Oracle $23 Million for Using Slush Funds in Turkey, UAE & India to Bribe Foreign Officials for Business “

 


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SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act

  • Company to Pay $23 Million to Settle Charges

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.




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