Hewlett-Packard Fined $58.7M After Pleading Guilty To Bribing Russian Officials For Contract
PALO ALTO (CBS/AP) -- Hewlett-Packard has pleaded guilty to felony charges that former employees bribed Russian government officials for a contract, and the company has been fined $58.7 million.
The Securities and Exchange Commission says Hewlett-Packard Co.'s Russian subsidiary admitted violating the Foreign Corrupt Practices Act in a Northern California court Thursday.
The SEC alleged the HP division paid $2 million to retain a technology contract with Russian prosecutors.
The plea and sentence are part of a larger agreement reached in April. HP agreed to pay a total of $108 million in criminal and civil penalties for bribing officials in Russia, Mexico and Poland.
Lawyers for the Palo Alto, California, company have said the misconduct was limited to a small number of people who no longer work there.
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