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HP pays $108 mln to settle DOJ, SEC corruption probes

Source: Reuters - Wed, 9 Apr 2014 16:42 GMT
Author: Reuters
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SAN FRANCISCO, April 9 (Reuters) - Hewlett-Packard will pay $108 million and agreed to take on certain reporting and compliance obligations to settle a Justice Department and SEC investigation into potential violations of the Foreign Corrupt Practices Act.

The U.S. Department of Justice and the Securities and Exchange Commission have been conducting investigations into HP's conduct in Russia and Poland, among other countries. On Wednesday, Polish prosecutors alleged that a local HP executive paid bribes worth over $500,000 in exchange for help winning contracts to supply computer equipment to Polish police headquarters.

HP declined to comment on the specifics of that case. It did not elaborate on what obligations it agreed to take on in its settlement of the U.S. probes.

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

"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." (Reporting by Edwin Chan; Editing by Bernard Orr)

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