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-- 119.210 SAP to Pay $220 Million to End DOJ, SEC Investigations on Bribery
Software company $SAP SE (SAP.US)$ will pay over $220 million to end the investigations by the U.S. Justice Department and the Securities and Exchange Commission into alleged payment of bribes to government officials in South Africa and Indonesia, according to a government press release.
SAP entered into a three-year deferred prosecution agreement with the DOJ, the department said in a press release posted on its website.
SAP has accepted responsibility for corrupt practices that hurt honest businesses engaging in global commerce,” U.S. Attorney Jessica D. Aber for the Eastern District of Virginia said.
Under the deferred prosecution agreement, the company will pay a criminal penalty of $118.8 million and administrative forfeiture of $103.4 million, according to the government press release. SAP will also continue cooperating with the department in any ongoing or future criminal investigation arising during the term of the agreement.
The DOJ will credit as much as $55.1 million of the criminal penalty against amounts that SAP pays to resolve an investigation by law enforcement authorities in South Africa for related conduct. The department will credit up to the full forfeiture amount against disgorgement that SAP pays to the SEC or South African authorities, it said.
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Luzi Ann Santos
Moomoo Senior News and Community Manager
Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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echomatrix : so they're going to bribe the government officials to end the investigation into bribing government officials?
73497047 : frenchmen
ur wifes boyfriend : this is justice
?
Fadifafa : Lol to me this reads "sap pays bribery to end bribery Investigation"
Perkens Bien Aime echomatrix :
70662821 : lol pure comedy
73572451 echomatrix : it's hilarious,so crazy