Is not saying where
Sun has admitted that it
might have broken anti-bribery laws with its actions in an unspecified location
outside the United States.
The outfit said that Oracle knew about before
inking its $7.4 billion takeover deal and it is not clear what Sun's admission
will mean for the company. The confession comes in a regulatory filing that
it found "potential violations" of the Foreign Corrupt Practices Act, which
prohibits US companies and companies whose stock is traded in the US from
bribing foreign government officials.
Sun has been short on details but said
that it "took remedial action" and alerted the Justice Department and the
Securities and Exchange Commission, both of which are investigating. It could
be bad news for Sun, even if it did come clean. The Justice Department and the
Securities and Exchange Commission have been quick to throw huge fines at
outfits caught bribing officials.
This is a bit of a problem because in some
countries bribery is almost the only way to carry out any business. (Bosnia for example. sub.ed.)