Wednesday, July 24, 2024

Oracle Pays $2 Million SEC Fine to Settle India Corruption Case

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Cnet: The SEC has fined Oracle $2.2 million on charges that the company’s India unit misused funds. Specifically, the SEC charged that the Indian division set up slush funds to hold $2.2 million in “unauthorized side funds.” Employees then manufactured phony invoices, which distributors paid. The SEC noted, “The third-party payments created the risk that the funds could be used for illicit purposes such as bribery or embezzlement.”

By paying the fine, Oracle has settled the charges.

This is Oracle’s third major legal setback of the summer. Earlier, Oracle lost its Java-related lawsuit against Google, and it also lost the first portion of the Itanium-related lawsuit against HP.

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