Defendant Name:
Oracle Corporation
Defendant Type:
Public Company
SIC Code:
7370
CUSIP:
68389X10
Document Reference:
comp-pr2012-158
Document Details
Legal Case Name
SEC v. Oracle Corporation
Document Name
Complaint
Document Date
16-Aug-2012
Document Format
Civil Proceeding
Case Number
12-cv-04310
Federal District Court
California, Northern District of California
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On August 16, 2012, the SEC filed a complaint against Oracle Corporation. According to the SEC: "This matter involves violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act ('FCPA') by Oracle Corporation.... From 2005 to 2007, certain employees of Oracle's Indian subsidiary Oracle India Private Limited ('Oracle India') secretly 'parked' a portion of the proceeds from certain sales to the Indian government and put the money to unauthorized use, creating the potential for bribery or embezzlement. These Oracle India employees structured more than a dozen transactions so that a total of around $2.2 million was held by the Company's distributors and kept off Oracle India's corporate books. The Oracle India employees would then direct its distributor to disburse payments out of the unauthorized side funds to purported local 'vendors.' Several of the 'vendors' were merely storefronts that did not provide any services."