Cisco Probes Bribery Charges in Russia, Eastern Europe and Asia

The networking equipment giant Cisco is investigating possible bribery chargers by its resellers and the company itself in Russia, Eastern Europe and Central Asia, Reuters has reported. However, the company has said that the results of the investigations are not likely to have any material impact on the financial results of the company, it said in a filing with the regulators.

Cisco has launched this inquiry on insistence from Securities and Exchange Commission and US Justice Department after the reported allegations that there were violations of U.S. Foreign Corrupt Practices Act by the company. According to law, US companies can not bribe foreign officials for winning contracts. The company filing by Cisco reads:

“The company takes any such allegations very seriously and is fully cooperating with and sharing the results of its investigation with the Commission and the Department. While the outcome of the Company’s investigation is currently not determinable, the Company does not expect that it will have a material adverse effect on its consolidated financial position, results of operations, or cash flows.”

Cisco has said that the countries that are under scrutiny contribute less than two percent revenue to company financials.

Share This Post

Post Comment