HP admits to federal bribery & money laundering charges

by Rachel Baker on April 14, 2014

This isn’t really interesting news, but its pretty serious stuff. If you want to read the statements from HP and the DOJ (Department of Justice), the story referenced below has links and quotes.

HP has copped to felony bribery and money laundering charges.

The charges themselves, listed below, are as thrilling as anything you’d binge-watch on Netflix on a Thursday night.

The Menlo Park, Calif., tech stalwarts are $108 million poorer after settling with the U.S. Department of Justice and the Security and Exchange Commission for violating terms of the Foreign Corrupt Practices Act, a tacit admission to the felony charges.

The DOJ accused HP Russia of bribery, and instead of fighting the federal charges, the company paid serious money to settle.

HP subsidiaries in Poland and Mexico were also accused by DOJ of the same thing, and the fine encompasses those cases, as well, in criminal and regulatory penalties, according to the feds.

Not the kind of news HP chief Meg Whitman likes to hear about in her Valley home while drinking coffee first thing in the morning.

HP is officially saying little. A spokesperson referred my questions to a short, three-paragraph statement that did its best to minimize the fallout.

Read the whole article here:
http://venturebeat.com/2014/04/10/hp-admits-to-federal-bribery-money-laundering-charges/

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