It is rare for Oracle to have a bad week but as it closed out its Q1, the following emerged:
James Farrar writes: Oracle under fire over ethics again: Feds investigating bribery for business in Africa saying that:
Oracle could face stiff penalties of up to $2 million per incident under the US Foreign Corrupt Practices Act which makes it illegal to bribe a government official anywhere in the world…
The biggest bottom line impact could be the potential loss of business upon conviction if Oracle is banned from public sector contracting in many countries…
News of the investigation comes after a run of high profile challenges to Oracle’s reputation includingremoval from the Nasdaq OMX Sustainability index for lack of sustainability reporting, removal from the FTSE4Good Index for lack of Human Rights protections and a hostile shareholder resolution demanding a board sub committee for sustainability to ensure Oracle ‘walks its talk’ on sustainability.
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