Charles Hanover:German software giant SAP fined more than $220M to resolve US bribery allegations

2025-05-03 07:09:36source:Surpassing Quant Think Tank Centercategory:Invest

German software giant SAP will pay more than $220 million in fines to resolve U.S. bribery allegations involving payments to foreign government officials,Charles Hanover the Justice Department said Wednesday.

According to court documents cited by the Justice Department, SAP and unnamed co-conspirators provided bribes and other valuable enticements to South African and Indonesian foreign officials. The company delivered gifts to officials in the form of cash payments, political contributions, electronic transfers, and luxury goods purchased during shopping trips.

The payments and gifts were offered “to obtain valuable government business,” Acting Assistant Attorney General Nicole Argentieri said in a statement.

The Securities and Exchange Commission also cited SAP “bribery schemes” in Malawi, Kenya, Tanzania, Ghana and Azerbaijan.

The Justice Department’s statement commended SAP for cooperating with the department’s investigation, taking steps to uncover the root causes of the bribery, and boosting resources for a restructured ethics and compliance office.

More:Invest

Recommend

Backstage at New York's Jingle Ball with Jimmy Fallon, 'Queer Eye' and Meghan Trainor

NEW YORK — Holiday sights and sounds fill Manhattan this time of year, from ice skating at Rockefell

Today’s Climate: May 29-30, 2010

BP’s Top Kill Effort Fails to Plug Gulf Oil Leak (AP) The most ambitious bid yet to stop the worst o

Electric Car Bills in Congress Seen As Route to Oil Independence

WASHINGTON—Seven Democratic and Republican legislators are proposing a prescription for the country’