SAP to Pay Over $230 Million to Settle Foreign Bribery Investigations

🌺 SAP Gotta Shell Out Big Bucks fo’ Brib’ry Scandal! 🤑💼

Eh, look hea, Christian Klein, da big kahuna o’ da software company SAP, stay on top da stage, checkin’ his cell phone, befo’ dey start da company’s Annual General Meeting.

Uwe Anspach | Picture Alliance | Getty Images

SAP, dat German tech giant worth $192 billion, goin’ dish out mo’ dan $230 million fo’ settle ‘way investigations into dey worldwide “recidivist” foreign bribery stuff, da U.S. guys wen tell us on Wednesday.

Da company goin’ go inside one three-year deferred prosecution agreement wit da feds, who stay finga-pointin’ at SAP, sayin’ dey wen break da Foreign Corrupt Practices Act wen dey went and tried fo’ bribe government guys in Indonesia and South Africa, according to what da Justice Department wen spew.

“SAP wen slip some green to da officials workin’ fo’ da state-owned businesses in South Africa and Indonesia, so dey could scoop up some juicy government deals,” said Nicole Argentieri, da acting assistant attorney general, in her official statement.

Da Justice Department went and tell us dat SAP and dey peeps wen grease da palms of dem government guys in dese countries wit cold hard cash, political donations, fancy stuffs, and epic shopping sprees.

And no stop dea! Da company gotta cough up $98 million more to da Securities and Exchange Commission (SEC), who stay buggin’ SAP ’cause dey wen keep funky records of da bribes dey went pay to da officials in Azerbaijan, Ghana, Indonesia, Malawi, Kenya, and South Africa, actin’ like it was all legit business expenses.

Wit all da money goin’ to da SEC, da Justice Department, and da South African prosecutors, SAP goin’ empty dey pockets to da tune of ova $235 million!

Some of da sneaky stuff SAP wen do, da regulators say it sound like somethin’ from one spy novel. Like dis one time, according to da SEC, one account executive from SAP’s Indonesian branch wen slip some bribes to da folks at da Maritime Affairs and Fisheries ministry. To make da deal go down, one “freelance consultant” tell ’em dat da account executive gotta come up wit “seventy million, in fifty thousand bills… Bring empty envelope.”

An’ den, check dis out, SAP’s South African branch wen make one deal wit Eskom, da big kahuna in da energy game, worth $29 million. Da SEC stay pointin’ fingas at mo’ dan $6.7 million dat wen go da wrong way, slidin’ into da pockets of “consultants” who neva do any real work, ‘cordin’ to da SEC’s consent decree.

Dis settlement, brah, it’s one of da biggest ones we eva seen! Dis not even da first time SAP wen get caught up in bribery mess wit da U.S. folks. Back in 2016, dey had to give up ’bout $3.7 million in profits to da SEC ova one bribery scheme dey wen pull off in Panama.

We was all waitin’ fo’ dis settlement since June, when SAP wen stash away ’bout $186 million, jus’ in case dey had to pay up ’cause of dese bribery investigations.

One SAP spokesperson say, “SAP wen play ball wit da authorities, and now we pau wit all dis compliance stuff wea dey was pokin’ deir noses around in da U.S. and South Africa.”

NOW IN ENGLISH

SAP to Pay Over $230 Million to Settle Foreign Bribery Investigations

“SAP to Pay Significant Fine for Bribery Scandal!”

Christian Klein, the CEO of the software company SAP, was seen on stage checking his cell phone just before the start of the company’s Annual General Meeting.

SAP, the German tech giant valued at $192 billion, will pay over $230 million to settle investigations into their widespread foreign bribery activities, as reported by U.S. authorities on Wednesday.

The company will enter a three-year deferred prosecution agreement with federal authorities, who accuse SAP of violating the Foreign Corrupt Practices Act by attempting to bribe government officials in Indonesia and South Africa, according to the statement from the Justice Department.

Nicole Argentieri, the acting assistant attorney general, stated, “SAP provided benefits to officials working for state-owned businesses in South Africa and Indonesia to secure government contracts.”

The Justice Department revealed that SAP and its associates provided money, political contributions, luxury items, and extravagant shopping sprees to government officials in these countries.

But that’s not all. The company will also pay an additional $98 million to the Securities and Exchange Commission (SEC). The SEC had been scrutinizing SAP for maintaining improper records of the bribes paid to officials in Azerbaijan, Ghana, Indonesia, Malawi, Kenya, and South Africa, disguising them as legitimate business expenses.

With payments going to the SEC, the Justice Department, and South African prosecutors, SAP will be out of pocket by over $235 million.

Some of the underhanded dealings by SAP resemble something out of a spy novel. According to the SEC, an account executive from SAP’s Indonesian branch offered bribes to officials at the Maritime Affairs and Fisheries ministry. To seal the deal, a “freelance consultant” told them that the account executive needed to provide “seventy million in fifty thousand bills… Bring an empty envelope.”

Furthermore, SAP’s South African branch struck a $29 million deal with Eskom, a major player in the energy industry. The SEC points to over $6.7 million that went astray, landing in the pockets of “consultants” who did little to no actual work, according to the SEC’s consent decree.

This settlement is one of the largest we’ve seen. It’s not the first time SAP has been entangled in a bribery scandal with U.S. authorities. In 2016, they had to forfeit approximately $3.7 million in profits to the SEC over a bribery scheme in Panama.

This settlement has been anticipated since June when SAP set aside around $186 million, just in case they had to pay up due to these bribery investigations.

A spokesperson for SAP stated, “SAP cooperated with the authorities, and now we are finished with all this compliance work where they were investigating in the U.S. and South Africa.”