Cisco Not To Be Charged By U.S. In Russia Bribery Probe

 | Sep 11, 2016 11:32PM ET

Cisco Systems, Inc. (NASDAQ:CSCO) recently announced that the U.S. regulatory authorities have decided not to carry out any enforcement actions against the company with regard to alleged violation of anti-bribery law in Russia and its neighboring countries.

Internal Investigation Leads to Clean Chit

As per a media report published in The Wall Street Journal, following the allegations, Cisco had investigated the matter internally by examining the practices and operations of certain resellers located in Russia and the neighboring nations.

The objective of the internal investigation was to determine if the company had violated the Foreign Corrupt Practices Act, which prohibits bribing foreign officials to keep or gain new business assignments.

Roxane Marenberg, Cisco’s Vice President of the Compliance Systems Division threw some light on the investigation through a blog post on the company’s website by the end of 2013. In that blog post, she wrote about business ethics and revealed that Cisco in no way violated the anti-bribery law.

In 2014, Cisco disclosed all its findings from the internal investigation to the Securities and Exchange Commission and the Department of Justice.

On Thursday, the company announced that both the regulatory authorities have declined to probe the matter further.

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