 "Oracle")
The ministry of railways has launched an investigation into allegations of technology firm Oracle’s Indian arm creating slush funds to pay bribes worth approximately $400,000 to officials of a railways public sector undertaking (PSU) in 2019.
The development comes after the US Securities and Exchange Commission (SEC) fined Oracle to the tune of $23 million for creating slush funds to bribe foreign officials in the United Arab Emirates, India, and Turkey, in violation of the Foreign Corrupt Practices Act (FCPA).
“Regarding the SEC order in the Oracle case, Indian Railways has taken cognizance and has started investigation,” the ministry said.
