Oracle Fined in America: Oracle fined 1.8 billion in America, accused of bribing Indian official.
Big action has been taken against IT company Oracle for bribing officials in India, Turkey and UAE. The company has been fined about $ 23 million (about Rs 1.8 billion). The US Securities and Exchange Commission (SEC) has taken this action against the company in a case related to violation of the Foreign Corrupt Practices Act (FCPA).
Slush fund created to give bribe
According to the US Securities and Exchange Commission, the Oracle-owned company bribed foreign officials to acquire the business. For this he created and used Slush Funds. Explain that slush funds are the amount that companies use for wrong purposes and their full account is kept.
This is the second case of action on Oracle
This is the second case of Oracle being prosecuted for wrongdoing. According to the SEC, in the year 2019, a sales employee of Oracle India used an excessive discount scheme in a transaction with a transport company. It is being told that most of the ownership of the transport company was with the Ministry of Railways. In January 2019, an employee working on the deal claimed that the deal would not happen without a 70 per cent discount on the software component. For this, it cited stiff competition among OEMs.
Rs 54.80 lakh was spent for bribing an Indian official
The SEC has said in this case that the publicly available procurement details on the website of the state-owned Indian company showed that Oracle India did not face any competition to acquire it as it did not face any competition for the project. Oracle’s products were made mandatory for this. The SEC alleges that $67,000 (approximately Rs 54,80,100) was shown as a buffer in a spreadsheet of an employee of the company. It was likely paid to an officer of an Indian state-owned company.
Accused of giving bribe to an officer of a company attached to the Ministry of Railways of India
The US Securities and Exchange Commission (SEC) has said that employees at Oracle’s Indian arm violated provisions of the Foreign Corrupt Practices Act to obtain excessive discounts in transactions with a transportation company owned by the Ministry of Railways. The US Securities and Exchange Commission (SEC) has fined the company more than $23 million in action. According to the SEC, Oracle misappropriated funds between 2016 and 2019 to bribe officials in the United Arab Emirates and Turkey, in addition to India, in exchange for business.
