- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-27T18:06:00
Technology giant Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission (SEC) it violated the Foreign Corrupt Practices Act (FCPA) when its subsidiaries in India, Turkey, and the United Arab Emirates (UAE) bribed foreign officials for business.
The SEC said Tuesday that Oracle subsidiaries in Turkey and the UAE also used slush funds to pay foreign officials to attend international technology conferences, in some cases paying for family to accompany them or for side trips to California.
Without admitting or denying the agency’s allegations, Oracle agreed to cease and desist from further violations of the anti-bribery, books and records, and internal accounting control provisions of the FCPA. Oracle will pay approximately $8 million in disgorgement and a $15 million penalty.
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Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.
The most notable and relevant details in settlement agreements concerning regulatory compliance violations are often what is not stated. The SEC’s cease-and-desist order against Oracle over violations of the Foreign Corrupt Practices Act is no exception.
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