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India’s CBI Files Charge Sheet Against Air India, SAP And IBM Executives

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Today’s post is from Sherbir Panag and Ishita Parashar who are both members of the Law Offices of Panag & Babu – India’s largest white collar crimes law firm.

On 4 February 2024, the Central Bureau of Investigation (CBI) – India’s premiere investigation body, filed a charge sheet against the former chairman and managing director of Air India, along with executives from SAP and IBM’s Indian subsidiaries. A charge sheet is the formal conclusion of an investigation, and marks the commencement of a trial. To be clear the charge sheet is reflective of the investigative body’s conclusion on the charges and is not the formal charges that are framed by a court, to which the accused responds.

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SAP Joins The Repeat Offender Club

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In 2016 SAP (a German software company with American Depository Shares registered with the SEC) resolved a $3.9 million Foreign Corrupt Practices Act enforcement action.

As highlighted here, in 2019 the company disclosed additional FCPA scrutiny and stated: “SAP has received communications and whistleblower information alleging conduct that may violate anti-bribery laws in South Africa, the United States (including the U.S. Foreign Corrupt Practices Act (FCPA)), and other countries.”

Yesterday, SAP joined the ever-growing FCPA repeat offender club as the DOJ and SEC announced (here and here) related FCPA enforcement actions against the company. The net FCPA settlement amount is $102.5 million: DOJ ($63.6 million) and SEC ($38.9 million).

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SAP Discloses Approximately $186 Million For “Potential Regulatory Compliance Matters”

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In 2016 SAP (a German software company with American Depository Shares registered with the SEC) resolved a $3.9 million Foreign Corrupt Practices Act enforcement action.

As stated by the SEC, the matter concerned violations of the books and records and internal controls provisions of the FCPA “due to deficient internal controls, which allowed SAP’s former Vice-President of Global and Strategic Accounts, Vicente E. Garcia, to discount the software price to a former SAP local partner at a level sufficient to permit Garcia and the local partner to pay $145,000 in bribes to one senior Panamanian government official, and offer bribes to two others.”

As highlighted here, in 2019 the company disclosed additional FCPA scrutiny and stated: “SAP has received communications and whistleblower information alleging conduct that may violate anti-bribery laws in South Africa, the United States (including the U.S. Foreign Corrupt Practices Act (FCPA)), and other countries.”

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Friday Roundup

Roundup

About time, scrutiny updates, ripple, for the record, just saying, and for the reading and listening stack. It’s all here in the Friday roundup.

About Time

After dinging companies for nearly 40 years for internal controls and risk management failures, the SEC names its first chief risk officer.

As highlighted in this prior post, if the SEC were an issuer there would be many books and records and internal controls issues within the organization.

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Friday Roundup

Roundup

Ironic, scrutiny update, and for the reading stack. It’s all here in the Friday roundup.

Ironic

As highlighted in this previous post, in February 2016 SAP (a German company with American Depository Shares registered with the SEC) resolved a $3.9 million FCPA enforcement action based on conduct in Panama and was ordered to cease and desist from committing or causing any violations and any future violations of the FCPA’s books and records and internal controls case.

Fresh off its 2016 FCPA enforcement action, SAP again became the subject of FCPA scrutiny. (See here for the prior post). Indeed, yesterday the Wall Street Journal reported:

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