Hewlett Packard deeply investigated over alleged bribes

13th September, 2010 by adina
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An investigation has been started by the United States Securities and Exchange Commission, related to alleged kickbacks to Russian rules makers dating as far as 2000. This follows a similar investigation made by the Department of Justice and having the same subject. It is believed that HP affiliates in Russia have paid about $11 million to get a contract valued at $44.5 million between 2001 and 2006.

The US Securities and Exchange Commission is said to look deeply into government and quasi government transactions starting ten years ago. Hewlett Packard is claiming to cooperate with the investigators and also says that no misconduct of the core company can be found.

Three individuals have been arrested in April in Germany and Switzerland by German officials. The accusations include tax evasion, breach of trust and money laundering. Other six non-HP employees are also under investigation for helping in the case of alleged bribes.

Hewlett Packard has officially acknowledged the investigation into the bribery allegations for the first time and has included it on its latest financial statement as a potential legal cost.


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