SEC fines Oracle $23 million, says the company bribed foreign officials for business

A sign is posted in front of Oracle headquarters on December 09, 2021 in Redwood Shores, California.

The SEC charged the company with violating the Foreign Corrupt Practices Act for a second time.

According to the SEC, Oracle's subsidiaries in India, Turkey and the United Arab Emirates created slush funds to bribe foreign officials. The funds were used to pay foreign officials to attend technology conferences.

The company did not admit to or deny the findings of the SEC.

If the conduct outlined by the SEC is contrary to our core values and clear policies, we will take appropriate action.

The SEC said that the company settled charges in 2012 for creating millions of dollars of side funds.

The SEC's FCPA unit chief said in the release that the charges highlight a need for effective internal accounting controls.

He said that the creation of off-book slush funds gave rise to the risk of improper use.