Subscribe free to our newsletters via your
. Earth Science News .




TRADE WARS
Oracle fined $2 mn for off-books payments in India
by Staff Writers
Washington (AFP) Aug 2, 2012


Software and systems giant Oracle was fined $2 million Thursday to resolve charges that its India subsidiary kept a multi-million dollar off-books slush fund.

The Securities and Exchange Commission said it had filed charges in San Francisco District Court accusing Oracle of violating the US Foreign Corrupt Practices Act by not preventing the subsidiary from setting up the $2.2 million fund.

The money, which came out of the receipts from sales to Indian government agencies over 2005-2007, "was eventually used to make unauthorized payments to phony vendors in India", the SEC said in a statement.

The SEC did not allege that bribery had taken place, but suggested it was the possible purpose for payments to these ostensible vendors.

"In fact, none of these storefront-only third parties provided any services or were included on Oracle's approved vendor list," it said.

"The third-party payments created the risk that the funds could be used for illicit purposes such as bribery or embezzlement."

Oracle neither admitted nor denied the allegations, but the SEC said it voluntarily disclosed the problem, had cooperated with the investigation and had fired employees involved in the misconduct.

But the company was fined for poor internal controls and poor supervision of is India subsidiary.

"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," said SEC San Francisco official Marc Fagel.

"It is important for US companies to proactively establish policies and procedures to minimize the potential for payments to foreign officials or other unauthorized uses of company funds."

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
Asia eyes Brazil's growing consumer market
Sao Paulo (AFP) Aug 15, 2012
With Europe and the United States in the economic doldrums, Asian manufacturers are setting their sights on Brazil's lucrative consumer market ahead of the 2014 World Cup and the 2016 Olympics. This week, the manufacturers took their roadshow to Sao Paulo, Brazil's economic capital, for a three-day trade fair showcasing samples of products - such as electronics, textiles, home goods and bui ... read more


TRADE WARS
Two African boat migrants dead, 160 rescued off Malta

Deaths from landslides up to 10 times worse than thought

Iran says US quake aid was not in 'good faith'

Asia 'megacities' face infrastructure timebomb: ADB

TRADE WARS
NTU scientist invents pocket living room TV

Ball Aerospace Incorporates Enhanced Data Communication for JPSS-1 Satellite

Researchers invent system for 3-D reconstruction of sparse facial hair and skin

Nano, photonic research gets boost from new 3-D visualization technology

TRADE WARS
Warmwater shark runs aground on English channel coastline

Are Methane Hydrates Dissolving?

Global water sustainability flows through natural and human challenges

Oceans suffering from sea sickness, says study

TRADE WARS
Predictions are in for Arctic sea ice low point

Melting ice opens Northwest Passage

Tropical climate in the Antarctic

Aerial photos reveal dynamic ice sheet

TRADE WARS
Japan says food diplomacy will keep Hong Kong sweet

Plants exhibit a wide range of mechanical properties

Diversity keeps grasslands resilient to drought, climate change

Rooftop farms flourish in space-starved Hong Kong

TRADE WARS
Tropical storm Gordon forms over Atlantic: US monitors

Relief as storm leaves Philippines

Seeds of hope amidst Philippine floods

Fresh water breathes fresh life into hurricanes

TRADE WARS
Kenya keeps up search after Uganda army choppers crash

Heavy fighting near Liberian border

Eight Ugandans survive army helicopter crash; two dead

'Very little' done on Mali military action: defence minister

TRADE WARS
A new take on how evolution has shaped modern Europeans

Neolithic Man: The First Lumberjack?

New Kenyan fossils shed light on early human evolution

Early human ancestors had more variable diet




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement