Printed from http://www.electronista.com

HP under deeper investigation over alleged bribes

updated 12:45 pm EDT, Fri September 10, 2010

US officials look deeper into potential HP bribes

The US Securities and Exchange Commission has now begun an investigation of HP over alleged kickbacks to Russian rules makers that can date as far back as 2000. The move follows a similar investigation by the Department of Justice into the same matter. HP affiliates in Russia are said to have paid out some $11 million in order to get a $44.5 million contract between 2001 and 2006.

The US Securities and Exchange Commission is reportedly deep, looking into government and "quasi" government transactions dating back to 2000. HP maintains it is cooperating with the investigation and no wrongdoing by the core company itself has yet to be found.

German officials arrested three individuals in Germany and Switzerland this April for breach of trust, tax evasion and money laundering. Six other, non-HP employees are under investigation for allegedly helping in the alleged bribes.

HP has listed the investigation into the bribery allegations as a potential legal cost on its latest financial statement, officially acknowledging it for the first time.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Asus Chromebook C300

When Chromebooks hit the market back in 2011, consumers didn't know what to do with them. The low-cost laptops, powered by Google's Ch ...

Plantronics BackBeat Pro Bluetooth headphones

Looking for a pair of headphones that can do everything a user requires is a task that can take some study. Trying to decide on in-ear ...

Lemur BlueDriver

"Oh no, the check engine light is on…again! What one of the hundreds of reasons could it be this time? Probably going to cost a fort ...

Sponsor

toggle

Most Commented

 
toggle

Popular News