back to article Oracle pays $23 million to SEC to settle bribery charges

Oracle has paid $23 million to the US Securities and Exchange Commission to settle corruption charges that subsidiaries in Turkey, United Arab Emirates and India used “slush funds” to bribe foreign officials to win business. The SEC said on Tuesday that Big Red violated provisions of the Foreign Corrupt Practices Act (FCPA) …

  1. VoiceOfTruth Silver badge

    Small fines = getting away with corruption

    It is time to consider that paying such paltry fines is itself corruption. The fine in this case is peanuts. It would be as though I lost £1 down the back of the sofa. Letting corporations that make billions pay small millions in fines is itself corruption. The SEC is as guilty as Oracle.

    1. ortunk

      Re: Small fines = getting away with corruption

      Yeah seema they avoided SEC coming out with the names of people/government bodies/companies receiving the bribes.

      Also link has changed https://www.sec.gov/news/press-release/2022-173

    2. alain williams Silver badge

      Re: Small fines = getting away with corruption

      The fines must be matched by life changing fines on the individual Oracle execs show knew about this.

      This will only stop when the execs can no longer afford to send their daughters to pony club.

    3. aerogems Silver badge
      Mushroom

      Re: Small fines = getting away with corruption

      Yup. It's why I've been advocating (for what little good it doesn't do) for proportional fines. Instead of amounts that are probably petty cash to a company like Oracle, and is less than top executives spend on drugs and prostitutes in a week, make the fines proportional to the company's gross revenues for the previous fiscal year. Or, if it spans multiple years, the average gross revenue reported during the period the illicit activity was going on.

      You charge a company like Oracle $23m, it's just a cost of doing business. Charge then 10-20% of their annual gross revenues, and THAT will put executive bonuses at risk and will definitely result in some kind of action being taken. Even better, is that proportional fines are even more egalitarian. Doesn't matter how big or small the company is, the amount of pain inflicted is the same proportion.

      1. dfreitag

        Re: Small fines = getting away with corruption

        If company reports itself, maybe the fine is lower?

  2. Jan K. Bronze badge

    “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.”

    Like getting better to hide it better?

    Sometimes I wonder how those specially bred yada-yada spokespersons sleeps at night. No bad taste in mouth?

  3. FozzyBear
    Coffee/keyboard

    Charming

    I love the thin veneer of "Justice Done" here. Charges of bribing officials & Corruption in countries, if we are to be honest is the way business is done in those countries, Are the exec's brought before the courts to answer these charges. Of course not. A nominal fine is paid by Oracle that legally absolves them of any further investigation and the exec's get their bonuses, business continues and sec moves.

    I have to wonder if the sec investigators were invited by oracle executives on an all expenses paid trip to the nominated countries, or country of their choice to continue their investigation

  4. Kevin McMurtrie Silver badge

    Paid $23 million to settle charges and admitted no guilt? That sounds a lot like bribery.

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