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9/27, 3:59 PM (Source: TeleTrader)
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US SEC fines Oracle $23M over corruption

United States Securities and Exchange Commission announced on Tuesday that it issued a fine of over $23 million against Oracle Corporation after the two sides reached a settlement over corruption charges.

Oracle's subsidiaries in Turkey, the United Arab Emirates (UAE), and India were accused of violating the Foreign Corrupt Practices Act (FCPA), specifically due to creating and using "slush funds to bribe foreign officials in return for business between 2016 and 2019." The company neither admitted nor denied the SEC's findings.

Oracle had been charged by the SEC over similar practices in India and had paid a $2 million penalty in 2012 after a settlement was reached.

Baha Breaking News (BBN) / MS