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.
