naresh wrote: SAP reports its Gupta-linked accounts to US
German software giant SAP SE said on Thursday it has reported its Gupta-linked accounts to US authorities for further investigation.
SAP said it has disclosed its situation in its South African business to US authorities, and inititated disciplinary procedures against three employees.
It has also removed commission on public sector deals in higher-risk countries including South Africa, and made significant changes to its global sales deal processes.
SAP’s investigation, which has not run its full course, uncovered indications of misconduct in issues relating to the management of Gupta-related third parties.
But to date, SAP stated, the investigation has not revealed any evidence of a payment to South African government officials, including Transnet and Eskom employees.
SAP initiated the investigation, spearheaded by international law firm Baker McKenzie, on July 12 2017 into allegations that it paid a Gupta front company R100m in "kickbacks" for state business.
At the same time, it placed four senior executives on administrative leave pending the finalisation of this investigation. However, only three employees are being disciplined because the probe did not find any evidence that showed the fourth employee were involved with Gupta-linked activities.
READ: SAP beefs up leadership team amid Gupta probe
SAP said the investigation, which focuses on Transnet and Eskom, will be concluded by the end if the year.
The firm said it voluntarily disclosed the situation in its South African business to the US authorities responsible for enforcing the US Foreign Corrupt Practices Act.
“As a global company with a commitment to integrity and compliance, the past three months have been humbling for us,” said Adaire Fox-Martin, member of the SAP executive board, who leads the company’s business in EMEA, MEE and Greater China.
“The allegations of wrongdoing in our South African business have had a profound impact on our employees, customers and partners, and on the South African public — and we apologise wholeheartedly for this.”
Fox-Martin said the company is committed to full and complete cooperation with the US Department of Justice and the US Securities and Exchange Commission. She confirmed that the investigation by these two bodies is continuing.
“We cannot emphasise enough how seriously the SAP executive board takes these allegations, or how committed we are to managing this process in a transparent, ethical and responsible way,” Fox-Martin said.
SAP SA paid R94M in commissions to entities currently understood to be Gupta related.No company can do that with out the knowledge of the Directors. Interesting times ahead for a few fellows, with the involvement of the US dept of justice etc. more horses for sale soon?
Sent from my iPhone using Tapatalk
Topic Author
