SEC fines Oracle $23 million, says the company bribed foreign officials for business

Oracle has settled with the Securities and Exchange Commission aft it was charged with violating the Foreign Corrupt Practices Act for a 2nd time, the SEC announced Tuesday.

The SEC said Oracle violated provisions of the enactment betwixt 2016 and 2019 erstwhile its subsidiaries successful India, Turkey and the United Arab Emirates created slush funds utilized to bribe overseas officials. Oracle's subsidiaries besides utilized the funds to wage overseas officials to be exertion conferences, according to the SEC.

The institution did not admit to oregon contradict the SEC's findings, and it volition wage much than $23 cardinal to settee the charges.

The institution besides settled charges successful 2012 aft Oracle India created millions of dollars of broadside funds, the SEC said.

Charles Cain, the SEC's FCPA portion chief, said successful the merchandise that the charges item a request for "effective interior accounting controls" astatine Oracle.

"The instauration of off-book slush funds inherently gives emergence to the hazard those funds volition beryllium utilized improperly, which is precisely what happened present astatine Oracle's Turkey, UAE, and India subsidiaries," helium said.

A typical from Oracle did not instantly respond to requests for comment.