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German-based software company SAP has been fined more than R4 billion to resolve investigations by the U.S. Justice Department and the Securities and Exchange Commission (SEC) into bribery and corruption in South Africa and Indonesia.
This was announced on Thursday by the US Attorney’s Eastern District of Virginia office.
The company was ordered to pay a criminal penalty of $118.8 million (R2.2 billion) and administrative forfeiture of $103,396,765 10 (R1.9 billion)
Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division said SAP paid bribes to officials at state-owned enterprises in South Africa and Indonesia to obtain valuable government business.
“SAP will also continue cooperating with the department in any ongoing or future criminal investigation arising during the term of a deferred prosecution agreement,” it said.
This is a developing story. More to follow
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