Connect with us

Hi, what are you looking for?

Jewish Business News


HP Fined $58.7 Million for Bribing Russians

HP CEO Meg Whitman

Hewlett-Packard Co. on Thursday pleaded guilty to felony charges after a former employees bribed Russian officials to get a contract (something no one has ever done in Russia before), and was fined $58.7 million.

The U.S. Department of Justice issued a statement saying Hewlett-Packard’s Russian outfit admitted to transgressing the Foreign Corrupt Practices Act in court Thursday.

The DOJ accused HP of paying $2 million to get a technology contract with the Russian.

“In a brazen violation of the FCPA, Hewlett-Packard’s Russia subsidiary used millions of dollars in bribes from a secret slush fund to secure a lucrative government contract, ” Principal Deputy Assistant Attorney General Marshall L. Miller stated. “Even more troubling was that the government contract up for sale was with Russia’s top prosecutor’s office.”

In an agreement reached last April between HP with the Justice Department and the Securities and Exchange Commission, the company agreed to pay a total of $108 million in criminal and civil penalties for bribes handed out to officials in Russia, Mexico and Poland.

Talk about spreading the wealth…

John Schultz, HP’s general counsel, said back in April that the bribes were given by a small group of employees who have all been let go since.

How could they…

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...


Now Platika joins and elite club of $10 billion plus Israeli firms.

cialis cialis satış