Wednesday, March 2, 2016
Qualcomm Pays $7.5M To Settle SEC Investigation Over Chinese Bribery
San Diego-based Qualcomm reports that it has paid $7.5M to the U.S. Securities and Exchange Commission (SEC), relating to a Foreign Corrupt Practices Act (FCPA) investigation by the agency, which had been looking into whether Qualcomm gave employees of state-owned entities or government agencies in China event tickets, gifts, or paid for travel, or hired children or friends of those entities. According to Qualcomm, the settlement completely resolves the investigation, and Qualcomm neither admitted or denied the SEC's findings, which follows a recently closed action by the U.S. Department of Justice on the same matter. The agencies had started looking into alleged bribery in China by Qualcomm in 2014.