HP settles with DOJ for $108M over bribery and money laundering charges

By VCPOST Staff Reporter

Apr 11, 2014 07:22 AM EDT

American printer firm Hewlett-Packard (HP) has admitted to the bribery and money laundering charges filed against it. As a result, the firm paid $108 million as settlement to the US Department of Justice (DOJ) and the Security and Exchange Commission for violation of the Foreign Corrupt Practices Act, according to VentureBeat.

The feds said the amount paid already covered the abovementioned charges, including regulatory fines, the report added.

The DOJ issued a press release regarding the matter. A portion of Deputy Assistant Attorney General Swartz's statement said: "Hewlett-Packard subsidiaries created a slush fund for bribe payments, set up an intricate web of shell companies and bank accounts to launder money, employed two sets of books to track bribe recipients, and used anonymous email accounts and prepaid mobile telephones to arrange covert meetings to hand over bags of cash."   

HP Russia has been accused of bribery. The DOJ also filed similar charges to the company's subsidiaries in Poland and Mexico. In a brief statement posted to its website, HP executive vice president John Schultz said those involved in the charges were no longer connected with the company. He also acknowledged that they cooperated with the investigation, VentureBeat relayed.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics