We cooperated with SEC: Oracle

Oracle issued a statement on account of recent development of SEC penalty case against the company for violating FCP Act; insuring that the company has cooperated with SEC in its investigation, culminating in the announcement of a $2M settlement.

According to the SEC complaint, the unauthorized funds that existed between 2005 and 2007 amounted to around $ 2.2 million. SEC said that Oracle India in May 2006 secured a $3.9-million deal with the Ministry of Information Technology and Communications.

According to Oracle; in 2007, the company discovered that a few employees of its Indian subsidiary apparently had directed distributors to maintain side funds in violation of Oracle business practices.

Following a thorough investigation, the employees involved were terminated. Oracle disclosed the matter to the government and has cooperated with the SEC in its investigation, culminating in the announcement of a $2M settlement.

"Oracle has established policies, programs and controls to deter and detect inappropriate conduct that have been recognized among the best in our industry," said Oracle spokesperson, Deborah Hellinger. "We will continue to maintain a high standard of compliance and accountability for our business around the world."