Powered by

-SEC Charges Software Company With FCPA Violations

Feb 02, 2016 - ENP Newswire

The Securities and Exchange Commission today announced that software manufacturer SAP SE has agreed to give up $ 3.7 million in sales profits to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) when procuring business in Panama.

An SEC investigation found that SAP's deficient internal controls allowed a former SAP executive to pay $ 145,000 in bribes to a senior Panamanian government official and offer bribes to two others in exchange for lucrative sales contracts. ...