SEC fines Oracle $23 mn for bribing officials in India, Turkey, and UAE

Oracle India's employees used "an excessive discount scheme" in connection with a transaction with a transportation company, says the SEC order

Tech giant Oracle has been fined $23 million for violating the Foreign Corrupt Practices Act (FCPA) by the US Securities and Exchange Commission (SEC). The firm created slush funds to bribe foreign officials in United Arab Emirates, Turkey, and India.

Referring to the company's India operations, the SEC said Oracle India's employees used "an excessive discount scheme" in connection with a transaction with a transportation company owned by the ministry of railways. 

"The Securities and Exchange Commission announced settled charges requiring Oracle Corporation to pay more than $23 million to resolve charges that it violated provisions of the Foreign Corrupt