Timestamp: 16 October 2022
According to the US Securities and Exchange Commission (SEC), Oracle workers at its India branch utilised an excessive discount plan connected to a deal with a transportation firm owned by the ministry of railways.
Tech giant Oracle has been fined more than $23 million by the US Securities and Exchange Commission (SEC) for breaking the Foreign Corrupt Practices Act (FCPA). According to the SEC, between 2016 and 2019, Oracle used slush funds to pay off authorities in Turkey, the United Arab Emirates, and India in exchange for business.
"The creation of off-book slush funds inherently gives rise to the risk those funds will be used improperly, which is exactly what happened here at Oracle's Turkey, UAE, and India subsidiaries. This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company's operations," said Charles Cain, the SEC's FCPA Unit Chief.
According to the SEC, Oracle has agreed to pay $8 million in disgorgement and the remaining $15 million in fines out of the total $23 million. Even so, by deciding to settle, it made no admissions or denial of wrongdoing.
"The conduct outlined by the SEC is contrary to our core values and clear policies, and if we identify such behavior, we will take appropriate action," Oracle spokesman Michael Egbert told news agency Reuters.
According to SEC, Oracle workers at its India branch engaged in a transaction with a transportation company operated by the ministry of railways that involved an excessive discount scheme. The market watchdog added that the employees provided a steep discount of 70% on software agreements to ward off rivals.
The SEC found that there was no competition since Oracle products were explicitly required to be used for the project on the Indian Railway Ministry's procurement website. The SEC order claims that one of the workers participating in the transaction kept a spreadsheet indicating that there was a reserve of $67,000 available to perhaps pay Indian officials of the state-owned enterprise (SOE).
"A total of approximately $330,000 was funnelled to an entity with a reputation for paying SOE officials and another $62,000 was paid to an entity controlled by the sales employees responsible for the transaction," said the order.
Oracle has now been accused by the SEC of bribing Indian officials twice.
Oracle's India division was discovered to have kept unauthorised side funds at distributors from 2005 to 2007 and was found guilty in 2012. In order to resolve SEC allegations that Oracle had broken FCPA rules, Oracle had agreed to pay $2 million.
Keywords: California US International Ziosphere bribery conspiracy
Source: https://greatgameindia.com/oracle-bribing-officials-india/
Comment: Where to start? We said this all on 15 October 2022.
The truth is very important in law school. You are being trained, among other things, in how to seek out the truth. And it is a cardinal rule that a participant in a legal proceeding who has been shown to have lied, under oath, cannot be trusted.
Our guess is that certain elements of the North American English-speaking professional population, from coast to coast, are acquainted with the contents of the website describing Oracle Corporation's deliberate and premeditated fraud in the matter of CIV393104, in San Mateo County and are now tuned in to the fact that major corporations in California have probably been deliberately lying to local superior courts about anything they care to, for decades.
As we said previously, our guess is that maybe there is a grand jury proceeding going on to find out What Really Happened and maybe the fact that all of the participants in the coverup proudly describe themselves as Zionists has not escaped the notice of the larger legal community. Maybe. Either that or there is an equally huge coverup going on as San Mateo County struggles to explain to itself why there isn't a grand jury investigating this matter, and what other damage these people did to the city, the county, and the state, while they were in positions of trust and authority.
In light of this aforementioned information it seems possible that Oracle Corporation's behavior is undergoing some slight additional scrutiny on the part of the Securities & Exchange Commission and their international equivalents. And we say, it's about fucking time. It's only been, uh, three decades.
Honestly - if we, hypothetically speaking, just identified all the top people who knowingly participated in the briberies, and just strung them up from lamp posts, along Oracle Parkway ... we, as a society, would save ourselves enormous amounts of money and time, and I'm pretty sure the bribery would stop, too.
Legislators, take note. We obviously cannot afford for this to continue. And it seems that we cannot afford to enforce the laws we have. So maybe we need new laws. Or new legislators. Or both.