According to recent reports, Oracle is required to pay approximately $ 23 million as a fine for bribing foreign officials. This was done by them the second time in the time frame between 2016-2019. Read the entire article to learn more about this news story.
About the fine
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,” said Oracle corporate communications vice president Michael Egbert. “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,” he said. The company failed to reject these charges and the way of settling these allegations is to pay the fine which is exactly what the company is planning to do. This is not the first time the company has attempted to do such a thing. A similar incident happened in the year 2012 with Oracle. There was a proper slush fund created by the company to pay off the officials. In simple words, a slush fund is nothing but a collection of money that is not used for the correct purposes and gets used in some shady activity that is sometimes not even legal.
About Oracle
For people who are hearing about Oracle for the first time, this article is here to give you all the basic information about the company. So, Oracle is the world’s largest database management company. The company aims to help people see data in different ways. It wishes to help people be able to analyze data quickly. Oracle will give you an opportunity to discover yourself by offering you some excellent services. This app will help you access the best and top reports and will help you get up to date with the latest news regarding that matter. This app wishes to help people learn through practical experience. The company operates on the principle of commitment. It is very committed to its work. It wishes to use technology and innovation together to keep designing something that keeps making people’s lives better. The company, other than technology considers its staff to be a great asset. A firm is nothing without solid, loyal, and skilled employees. Oracle is also an organization that believes in giving back to the society which is why it has donated millions to NGOs and similar organizations to help the underprivileged.