'Contrary to core values': Oracle reacts after SEC fine over slush funds

Indian employees of US tech giant used discount scheme in dealing with transportation firm owned by railways ministry: Regulator

Oracle will have to pay $23 million as a fine after the US Securities and Exchange Commission (SEC) pulled up the technology giant for creating slush funds that were used to bribe officials in India, the UAE, and Turkey.

“The conduct outlined by the SEC is contrary to our core values and clear policies, and if we identify such behaviour, we will take appropriate action,” Oracle’s spokesperson Michael Egbert told Business Standard in an e-mailed response.

The SEC said Oracle India's employees used “an excessive discount scheme” in connection with a transaction with a transportation company owned by the Railways Ministry.

"The SEC