SAP’s ~$220M Cleanup: German Software Giant Settles Foreign Bribery Charges – SAP (NYSE:SAP)

SAP SE SAP has agreed to pay over $220 million to resolve investigations by the U.S. Justice Department and the Securities and Exchange Commission (SEC) regarding violations of the Foreign Corrupt Practices Act (FCPA).

According to court documents, SAP penned into a three-year deferred prosecution agreement (DPA) with the U.S. Justice Department to settle criminal charges filed in the Eastern District of Virginia.

Notably, the company had been charged with bribing government officials in Indonesia and South Africa by delivering money in the form of cash payments, political contributions, and luxury goods purchased during shopping trips.

Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division stated, “Today’s resolution—our second coordinated resolution with South African authorities in just over a year—marks an important moment in our ongoing fight against foreign bribery and corruption.”

U.S. Attorney Jessica D. Aber for the Eastern District of Virginia said, “SAP has accepted responsibility for corrupt practices that hurt honest businesses engaging in global commerce.”

SAP will release Q4 earnings results on January 24, 2024.

Also ReadSAP’s Partnership Potential With Hyperscalers Like Microsoft And Google: Analyst Weighs In

Price Action: SAP shares are trading higher by 0.55% at $156.70 on the last check Thursday. 

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