NewsNews Archive

HP to pay $108m in bribery case

shutterstock_177062255-600x600United States (US)-based information technology firm Hewlett Packard (HP) has agreed to pay US$108 million after admitting to bribing foreign officials to secure contracts overseas.

Hewlett Packard Russia has pleaded guilty to violations of the Foreign Corrupt Practices Act (FCPA) after bribing officials to secure a contract with the Office of the Prosecutor General of the Russian Federation.

The company has also been implicated in bribery in Poland and Mexico.

The government is entering into criminal resolutions with HP subsidiaries in Poland and Mexico relating to contracts with Poland’s national police agency and Mexico’s state-owned petroleum company, respectively, the US Department of Justice said.

HP and its subsidiaries will have to pay over US$76 million in criminal penalties and forfeiture.

The US Securities and Exchange Commission has also ordered the company to pay US$31 million in disgorgement, prejudgment interest and civil penalties.

“Hewlett-Packard subsidiaries created a slush fund for bribe payments, set up an intricate web of shell companies and bank accounts to launder money, employed two sets of books to track bribe recipients, and used anonymous email accounts and prepaid mobile telephones to arrange covert meetings to hand over bags of cash,” said deputy assistant attorney general Bruce Swartz.

Back to top button
PC Tech Magazine

Adblock Detected

Please disable your adblocker to continue accessing this site.