Oracle will pay around $23 million (nearly Rs 190. .
The case covers alleged misconduct from 2014 to 2019 and is the second time the SEC has charged Oracle violate the federal Foreign Corrupt Practices Act (FCPA), an anti-bribery law.
According to the regulator, Oracle units in Turkey and the UAE have also used fraudulent funds to pay foreign officials to attend technology conferences in violation of Oracle policies.
Turkish unit employees also use this money to pay for the spouses and children of officials traveling with them, or to make side trips to Los Angeles and Napa Valley, California, SEC said.
Charles Cain, Director of the SEC’s FCPA unit, said: “The creation of off-the-book negotiable funds inherently introduces the risk that those funds will be misused, which is exactly what happened here,” Charles Cain, director of the SEC’s FCPA unit, said in a statement.
Oracle, based in Austin, Texas, has agreed to pay a civil penalty of $15 million (nearly Rs 120) and about $7.9 million (nearly Rs 60) in interest and profits. It does not admit or deny wrongdoing in agreeing to the settlement.
Oracle spokesman Michael Egbert said: “The conduct outlined by the SEC is contrary to our core values and clear policies, and if we do identify it, we will take action. appropriate action”.
In 2012, Oracle agreed to pay a $2 million fine to settle SEC allegations regarding the unauthorized creation of millions of dollars in Oracle India sub-fund from the year of 2012. 2005 to 2007.