Oracle pays $2m to settle SEC charges over 'secret funds' in Indian sales operation
London, Aug 17 (ANI): American tech giant Oracle Corp. has agreed to pay two million dollars to settle the federal civil charges imposed by the U.S. Securities and Exchange Commission (SEC), after it failed to prevent secret payments in its Indian sales operation.
The SEC claimed that Oracle had violated the Foreign Corrupt Practices Act and had allowed its Indian subsidiary to secretly set aside money, which was used to make unauthorised payments to phony local vendors.
"Through its subsidiary's use of secret cash cushions, Oracle exposed itself to the risk that these hidden funds would be put to illegal use," the BBC quoted Marc Fagel, director of the SEC regional office in San Francisco, as saying in a statement.
According to the report, the watchdog said that Oracle's violations occurred between 2005 and 2007 and the firm risked the secret funds being used for bribes.
Oracle, which is based in Redwood Shores, California, refused to make any comments on the settlement. (ANI)
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