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HomeWhistleblowersUS: Cisco Inc. Expose Investigation of Alleged Payments To Foreign Officials

US: Cisco Inc. Expose Investigation of Alleged Payments To Foreign Officials

Cisco Systems, Inc. is reported to have filed to the Securities and Exchange Commission (SEC), its investigation into allegations that its former employees in China ran a “self-enrichment scheme” that may also involve payments to employees of state-owned enterprises.

 

The San Jose, California-based networking giant said it has “voluntarily disclosed this investigation” to the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).

The company said, “We take such allegations very seriously and we are providing results of our investigation to the DOJ and SEC.”

Cisco said the outcome of the investigation is “currently not determinable.” it also said the investigation isn’t expected to have a material adverse effect on its consolidated financial position, results of operations, or cash flows.

Cisco has 75,000 employees worldwide. Revenues last year were about $52 billion.

The company said the alleged self-enrichment scheme involved “now-former employees in China, Some of those employees are also alleged to have made or directed payments from the funds they received to various third parties, including employees of state-owned enterprises.”

Cisco Systems disclosed an FCPA-related investigation regarding operations in Russia and some CIS countries in 2014. The company said in September 2016 that the DOJ and SEC wouldn’t bring FCPA enforcement actions following the investigation.

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