BREAKING NEWS

BREAKING NEWS

SAP revises sales practices as it faces U.S. probe on South Africa

Now Reading:

SAP revises sales practices as it faces U.S. probe on South Africa

Text size Aa Aa

LONDON (Reuters) – Global business planning software giant SAP <SAPG.DE> is making sweeping changes to its sales practices in countries around the world, the German company said as it revealed it is the subject of a U.S. corruption probe tied to its business dealings in South Africa. Adaire Fox-Martin, SAP executive board member in charge of global customer operations, told Reuters in an interview on Thursday that its on-going investigation into corrupt sales practices related to South Africa government contracts had led it to take disciplinary actions against three top managers. SAP also said on Thursday that the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) have opened an investigation of the company under the U.S. Foreign Corrupt Practices Act (FCPA). The probe began after SAP’s outside law firm Baker McKenzie had informed U.S. authorities in July, when the South African sales practices and potential government bribery scheme had come to light in reports by a local investigative reporting group.

(Reporting by Eric Auchard; Editing by Maria Sheahan)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.