back to article SEC: Qualcomm hired relatives of Chinese officials to seal biz deals

Qualcomm has coughed up some cash after it was accused of bribing Chinese officials by giving their relatives plum jobs. The California chip designer today settled out of court with US financial watchdog the SEC for $7.5m. The deal ends an embarrassing investigation into claims the company broke the Foreign Corrupt Practices …

  1. Keef

    I'm shocked.

    HR are tools of senior management and senior management can't be trusted.

    Who would have thought it...

  2. BigFire

    Unfortunately for American companies, some of the rules ARE different abroad and bribes are part of the expense.

    1. Triggerfish

      Yep do some business in parts of the world, have money aside for the possibility of bribes and protection as part of it.

  3. allthecoolshortnamesweretaken

    "I know this is a pain, but I think we’re operating under a different paradigm here than a normal ‘hire’/‘no hire’ decision tree."

    Bah. That is almost touchy-feely-stuff. What happened to shouting "You're not looking at the big picture!"?

  4. David Roberts

    So they bribed the SEC

    To accept their bribery in China?

    Normal cost of doing business, and apparently legal as well!

  5. Ed_UK

    Foreign Corrupt Practices Act

    When I worked at a US-based telecoms company, there was mandatory training in what was permitted and what wasn't. Curiously, the main 'takeaways' from the course were:

    1. You must not bribe any government official

    2. Any 'sweeteners' paid must be properly accounted for in the books. E.g. in Saudi, where backhanders are a normal part of doing business.

    I expected to hear that any bribes of any kind (given or received) were verboten, but I didn't spot it.

    Then there was the stuff about non-finanacial gifts and corporate hospitality and avoiding conflicts of interest (real or apparent). Should I declare my calendar from a supplier?

  6. Anonymous Coward
    Anonymous Coward

    Corporate back handers

    Whats new about this?

    We need Bruce Lee back to sort these people.

    "You dishonour me, you dishonour your family and you dishonour shao lin tem pow"

    In terms of the corporate language used I urge El Reg to regard this important advice from Mr Lee...

    "Its like a finger pointing the way to the moon, do not focus on the finger or you miss all the heavenly glory"

  7. GeorgeTyrebyter

    Truly repellent. These scumtards will not hire highly-qualified American IT and STEM, but they will sweep the Chinese gutters for the ratpoop, and hire that. Nauseating. When you find Chinese working here, they are routinely incompetent, and now we see why.

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Other stories you might like

  • Qualcomm wins EU court battle against $1b antitrust fine
    Another setback for competition watchdog as ruling over exclusive chip deal with iPhone nullified

    The European Commission's competition enforcer is being handed another defeat, with the EU General Court nullifying a $1.04 billion (€997 million) antitrust fine against Qualcomm.

    The decision to reverse the fine is directed at the body's competition team, headed by Danish politico Margrethe Vestager, which the General Court said made "a number of procedural irregularities [which] affected Qualcomm's rights of defense and invalidate the Commission's analysis" of Qualcomm's conduct. 

    At issue in the original case was a series of payments Qualcomm made to Apple between 2011 and 2016, which the competition enforcer had claimed were made in order to guarantee the iPhone maker exclusively used Qualcomm chips.

    Continue reading
  • Musk can't tweet about Tesla without lawyer approval – and he's still fighting to end that
    By free speech, he means freedom to flip the bird at the SEC

    Elon Musk still hopes to quash a 2018 settlement agreement with the SEC requiring Tesla-related tweets to be approved by a lawyer before he can post them: on Wednesday, he took his case to the US Court of Appeals after a lower court denied this request.

    The Tesla CEO landed himself in hot water with the watchdog when he tweeted he was thinking of taking the company private at $420 a share, and claimed to have already secured the necessary funding (sound familiar?) In reality, however, Musk did not have the funding or approval to do so. Investors, however, took him seriously and they started buying more shares, bumping up the stock price over 10 per cent.

    The SEC accused Musk of fraud, saying his tweets were false and misled the public and caused disruption in the market. Musk was sued by the US regulator; he later settled the lawsuit by agreeing to pay $40 million in penalties, step down as chairman of the automaker's board, and accepted that any tweets discussing Tesla would have to be screened from now on.

    Continue reading
  • Qualcomm among queue of suitors chasing a stake in Arm
    Chipmaker interested in forming a consortium for purchase – and so is SK hynix, Intel

    Qualcomm has reiterated it would like a stake in Arm and help create a consortium that would keep the Brit chip designer neutral, or out of the hands of any single chip company at least.

    The latest development in the Arm IPO saga comes from Qualcomm's chief executive, Cristiano Amon, who told the Financial Times that his company was interested in investing in Arm, and that Qualcomm could join forces with other chipmakers to buy Arm outright from owner SoftBank.

    "It's a very important asset and it's an asset which is going to be essential to the development of our industry," Amon said.

    Continue reading
  • Musk repeats threat to end $46.5bn Twitter deal – with lawyers, not just tweets
    Right as Texas AG sticks his oar in

    Elon Musk is prepared to terminate his takeover of Twitter, reiterating his claim that the social media biz is covering up the number of spam and fake bot accounts on the site, lawyers representing the Tesla CEO said on Monday.

    Musk offered to acquire Twitter for $54.20 per share in an all-cash deal worth over $44 billion in April. Twitter's board members resisted his attempt to take the company private but eventually accepted the deal. Musk then sold $8.4 billion worth of his Tesla shares, secured another $7.14 billion from investors to try and collect the $21 billion he promised to front himself. Tesla's stock price has been falling since this saga began while Twitter shares gained and then tailed downward.

    Morgan Stanley, Bank of America, Barclays, and others promised to loan the remaining $25.5 billion from via debt financing. The takeover appeared imminent as rumors swirled over how Musk wanted to make Twitter profitable and take it public again in a future IPO. But the tech billionaire got cold feet and started backing away from the deal last month, claiming it couldn't go forward unless Twitter proved fake accounts make up less than five per cent of all users – a stat Twitter claimed and Musk believes is higher.

    Continue reading
  • SEC probes Musk for not properly disclosing Twitter stake
    Meanwhile, social network's board rejects resignation of one its directors

    America's financial watchdog is investigating whether Elon Musk adequately disclosed his purchase of Twitter shares last month, just as his bid to take over the social media company hangs in the balance. 

    A letter [PDF] from the SEC addressed to the tech billionaire said he "[did] not appear" to have filed the proper form detailing his 9.2 percent stake in Twitter "required 10 days from the date of acquisition," and asked him to provide more information. Musk's shares made him one of Twitter's largest shareholders. The letter is dated April 4, and was shared this week by the regulator.

    Musk quickly moved to try and buy the whole company outright in a deal initially worth over $44 billion. Musk sold a chunk of his shares in Tesla worth $8.4 billion and bagged another $7.14 billion from investors to help finance the $21 billion he promised to put forward for the deal. The remaining $25.5 billion bill was secured via debt financing by Morgan Stanley, Bank of America, Barclays, and others. But the takeover is not going smoothly.

    Continue reading
  • Ryzen shines with remote management on Qualcomm Wi-Fi kit
    Working to compete with Intel as FastConnect comes to AMD-processor-powered PCs

    AMD and Qualcomm have rolled out a joint effort that brings remote management capabilities over Wi-Fi for AMD business systems, potentially boosting their appeal for corporate IT departments.

    The two companies said they were working together to improve Qualcomm's FastConnect wireless kit for AMD compute platforms based on the Ryzen chips for desktops and laptops. The starting point for this is AMD Ryzen-powered business laptops using Qualcomm's FastConnect 6900 system that delivers Wi-Fi 6 and 6E plus Bluetooth 5.3, supporting Wi-Fi connection speeds up to 3.6Gbps.

    Remote management is enabled by the combination of the AMD Manageability Processor now embedded in Ryzen PRO 6000 systems and the FastConnect 6900 system, AMD and Qualcomm said, with support for the DASH client management standard developed by the Distributed Management Task Force (DMTF).

    Continue reading
  • Qualcomm puts out 5G modem with standalone mmWave mode
    Slips some extra grunt into Snapdragon X70 5G chipset before devices launch

    Qualcomm has updated its Snapdragon X70 5G chipset to extend range and balance the transmit power for better performance. It also claims the Snapdragon modem will be the first to support a standalone 5G mmWave connection once it is available.

    The wireless chipmaker announced its Snapdragon X70 5G Modem-RF System at the Mobile World Congress show in Barcelona this February, but appears to be extending its capabilities before devices based on it have even started shipping.

    Some of these are based on Smart Transmit 3.0 technology, the latest incarnation of a Qualcomm technology that was developed to tune transmission speeds while staying within radio frequency power limits.

    Continue reading
  • Qualcomm ‘on track’ for Apple M-level Nuvia chips in late 2023
    Too bad everyone else is pretty much on track with their processors

    Qualcomm has vowed to unleash a generation of laptop processors that will rival Apple's M-series chips, though they won't arrive until late 2023.

    That's the latest word from Qualcomm CEO Cristiano Amon, who said development is "on track" for the Arm-compatible, Windows-friendly system-on-chips during his company's second-quarter earnings call [PDF] last week.

    The update provides a little more granularity to the general 2023 shipping timeline Qualcomm provided last fall for its M-class laptop chips, whose custom CPU cores and design team were gained through Qualy's $1.4 billion acquisition of Nuvia in early 2021.

    Continue reading
  • Qualcomm sampling Wi-Fi 7 silicon for next-gen access points
    OEMs able to develop new products with aim of 10Gbps-plus throughput

    Qualcomm is sampling its Wi-Fi 7 Networking Pro Series chips aimed at throughput of more than 10Gbps for enterprise access points, gateways, and premium home routers.

    The third generation of the chipmaker's Networking Pro Series platforms is set to "initiate a new era" of 10Gbps Wi-Fi, Qualcomm claimed, stating that the new portfolio is optimized for multi-user environments and low CPU utilization to power collaboration, telepresence, and metaverse applications for both home and enterprise environments.

    Sampling means that the Networking Pro silicon is available to Qualcomm's OEM customers so they can develop and test the Wi-Fi 7 products that will ship to end users at some point. It isn't clear when buyers will actually be able to get their hands on kit to deploy, although Qualcomm previously said it expects to see Wi-Fi 7 products hit the market in 2023.

    Continue reading
  • Volkswagen to put Qualcomm tech under the hood across all brands
    CEO says Intel may yet end up inside, through its Mobileye tech

    Volkwagen Group’s automotive software subsidiary CARIAD has picked Qualcomm to provide system-on-chip modules (SOCs) for its automated driving software platform.

    The company has chosen Snapdragon Ride Platform portfolio as its hardware, projected to be available as of “the middle of the decade” according to CARIAD.

    Volkwagen CEO Herbert Diess said its project Trinity – the next generation of electric vehicles which will require "high performance chips" – will be ready for Level 4 automated driving in 2026. Level 4 automation means cars can handle most tasks without human intervention, but people can still take the wheel if they wish.

    Continue reading

Biting the hand that feeds IT © 1998–2022