Oracle settles with SEC over India charges

 
City A.M. Reporter
ORACLE yesterday agreed to pay a $2m fine to settle US Securities and Exchange Commission (SEC) charges that an India subsidiary secretly set aside money used to make unauthorised payments to phony vendors in that country.

Yesterday’s settlement, which involved no admission of wrongdoing, resolved charges that the firm violated the federal Foreign Corrupt Practices Act (FCPA).

The SEC said the payments occurred in 2005 to 2007 with Oracle India Private and the Indian government.