The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Bribery of Foreign Officials; Falsification of books and records; Internal controls violations
No admission or denial of alleged offenses
According to the Securities and Exchange Commission Press Release related to the US telecommunications company, "Qualcomm Incorporated has agreed to pay $7.5 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by hiring relatives of Chinese government officials deciding whether to select the company’s mobile technology products amid increasing competition in the international telecommunications market.
An SEC investigation found that Qualcomm also provided gifts, travel, and entertainment to try to influence officials at government-owned telecom companies in China. With insufficient internal controls to detect improper payments, Qualcomm misrepresented in its books and records that the things of value provided to foreign officials were legitimate business expenses. [ ] The SEC’s order finds that Qualcomm violated the anti-bribery, internal controls, and books-and-records provisions of the Securities Exchange Act of 1934. Without admitting or denying the findings, Qualcomm agreed to pay the $7.5 million penalty and self-report to the SEC for the next two years with annual reports and certifications of its FCPA compliance. " (Source: US SEC Press Release, "SEC: Qualcomm Hired Relatives of Chinese Officials to Obtain Business," March 1, 2016, at http://www.sec.gov/news/pressrelease/2016-36.html)
US SEC Press Release, "SEC: Qualcomm Hired Relatives of Chinese Officials to Obtain Business," March 1, 2016, at http://www.sec.gov/news/pressrelease/2016-36.html
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