Hewlett-Packard Company (HPQ) to pay $108 million to settle SEC corruption probes
Hewlett-Packard Company (NYSE:HPQ) has agreed to pay $108 million and take on reporting and compliance obligations to settle a Justice Department and SEC investigation into potential violations of the Foreign Corrupt Practices Act, according to Reuters.
The Justice Department and the Securities and Exchange Commission have been conducting investigations into HP’s conduct in Poland, Russia, and several other countries.
Today, Polish regulators alleged that a local HP executive paid bribes worth over $500,000 in exchange for help winning contracts to supply computer equipment to Polish police headquarters.
“The misconduct described in the settlement was limited to a small number of people who are no longer employed by the company,” stated HP’s executive vice president and general counsel John Schultz. “HP fully cooperated with both the Department of Justice and the Securities and Exchange Commission in the investigation of these matters and will continue to provide customers around the world with top quality products and services without interruption.”