HP to pay $108 mn for settling corrupt practices

HP will pay $108 million to Department of Justice and US Securities and Exchange Commission (SEC) for settling corrupt practices in Russia.

HP today announced a resolution of a US Department of Justice (DOJ) and US Securities and Exchange Commission (SEC) investigation of potential violations of the Foreign Corrupt Practices Act (FCPA).

HP will pay approximately $108 million to these two US government agencies and the company also has agreed to undertake certain compliance, reporting and cooperation obligations.

“The misconduct described in the settlement was limited to a small number of people who are no longer employed by the company,” said John Schultz, executive vice president and general counsel, HP.

“HP fully cooperated with both the Department of Justice and the Securities and Exchange Commission in the investigation of these matters and will continue to provide customers around the world with top quality products and services without interruption,” added Schultz.

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