{"id":9699,"date":"2022-09-27T14:22:52","date_gmt":"2022-09-27T14:22:52","guid":{"rendered":"https:\/\/www.futuresandoptions.gr\/en\/?p=9699"},"modified":"2022-09-27T14:22:52","modified_gmt":"2022-09-27T14:22:52","slug":"sec-charges-oracle-a-second-time-for-violations-of-the-foreign-corrupt-practices-act","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/sec-charges-oracle-a-second-time-for-violations-of-the-foreign-corrupt-practices-act\/","title":{"rendered":"SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act"},"content":{"rendered":"<p>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.<\/p>\n<p>According to the SEC\u2019s 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\u2019 families to accompany them on international conferences or take side trips to California.<\/p>\n<p>The SEC previously sanctioned Oracle in connection with the creation of slush funds. In 2012,\u00a0<a href=\"https:\/\/www.sec.gov\/news\/press-release\/2012-2012-158htm\">Oracle resolved charges<\/a>\u00a0relating 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.<\/p>\n<p>\u201cThe 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\u2019s Turkey, UAE, and India subsidiaries,\u201d said Charles Cain, the SEC\u2019s FCPA Unit Chief. \u201cThis matter highlights the critical need for effective internal accounting controls throughout the entirety of a company\u2019s operations.\u201d<\/p>\n<p>Without admitting or denying the SEC\u2019s 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.<\/p>\n<p>The SEC\u2019s investigation was conducted by Samantha Martin and Laura Bennett and supervised by David Reece. The <a href=\"https:\/\/www.futuresandoptions.gr\/en\/tag\/sec\/\">SEC<\/a> appreciates the assistance of the Capital Markets Board of Turkey, Emirates Securities and Commodities Authority, and the Securities and Exchange Board of India.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC 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<\/p>\n","protected":false},"author":2,"featured_media":9700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[14,111],"tags":[1842,1843,20],"class_list":["post-9699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","category-stocks-2","tag-oracle","tag-orcl","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act<\/title>\n<meta name=\"description\" content=\"SEC announced settled charges requiring Oracle Corporation to pay more than $23 million to resolve charges that it violated provisions of the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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