Young Journalists Club | Latest news of Iran and world

News ID: 14725
Publish Date: 12:37 - 26 October 2017
TEHRAN, October 26 -Global business planning software giant SAP (SAPG.DE) is making sweeping changes to its sales practices in countries around the world, the German company said as it revealed it is the subject of a U.S. corruption probe tied to its business dealings in South Africa.

SAP revises sales practices as it faces U.S. probe on South AfricaTEHRAN, Young Journalists Club (YJC) -Global business planning software giant SAP (SAPG.DE) is making sweeping changes to its sales practices in countries around the world, the German company said as it revealed it is the subject of a U.S. corruption probe tied to its business dealings in South Africa.

Adaire Fox-Martin, SAP executive board member in charge of global customer operations, told Reuters in an interview on Thursday that its on-going investigation into corrupt sales practices related to South Africa government contracts had led it to take disciplinary actions against three top managers.

SAP also said on Thursday that the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) have opened an investigation of the company under the U.S. Foreign Corrupt Practices Act (FCPA).

The probe began after SAP’s outside law firm Baker McKenzie had informed U.S. authorities in July, when the South African sales practices and potential government bribery scheme had come to light in reports by a local investigative reporting group.

Source:Reuters

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