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SDxCentral Quick Hits Oracle Hit With Second SEC Corruption ChargeOracle settled to pay more than $23 million to resolve charges filed by the Securities and Exchange Commission (SEC). The charges claim Oracle violated the Foreign Corrupt Practices Act (FCPA) when subsidiaries in Turkey, the United Arab Emirates (UAE), and India created and used slush funds to bribe foreign officials in return for business between 2016 and 2019.
According to the SEC announcement, Oracle's subsidiaries "used the slush funds to pay for foreign officials to attend technology conferences in violation of Oracle policies and procedures." The order found that in some instances, employees of the Turkey subsidiary used these funds "for the officials’ families to accompany them on international conferences or take side trips to California."
Oracle had already been sanctioned for slush funds once by the SEC in 2012, when the company resolved charges relating to the creation of "millions of dollars of side funds by Oracle India, which created the risk that those funds could be used for illicit purposes."
“The creation of off-book slush funds inherently gives rise to the risk those funds will be used improperly, which is exactly what happened here at Oracle’s Turkey, UAE, and India subsidiaries,” said SEC FCPA Unit Chief Charles Cain, in the announcement. “This matter highlights the critical need for effective internal accounting controls throughout the entirety of a company’s operations.”
Oracle did not agree to or deny the SEC's charges, but agreed to cease and desist from committing violations of the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and to pay approximately $8 million in disgorgement and a $15 million penalty.
Small Cell 5G Network Market Estimated To Hit $8.2 Billion by 2032The small cell 5G network market is estimated to grow at a compound annual growth rate of 22.6%, from $ 1.1 billion in 2022 to $8.2 billion by 2032, according to market research and competitive intelligence firm Fact.MR.
"IoT, AR, and virtual reality (VR) technologies have been steadily garnering popularity, resulting in a demand for more network capacity," the report said. "The demand for small cell 5G networks grows as mobile data traffic grows."
The firm's report cited long permission processes, extensive procurement activities, high costs, and antiquated restrictions that impede access as barriers to the small cell 5G network market, but it said the push to develop 5G technology and its growing deployment rate drive the market's growth.
Fact.MR identified key players in the small cell 5G network market, including Ericsson, Huawei, Cisco, NEC, Nokia, Fujitsu, and Samsung. North America is expected to have the greatest small cell 5G network market size.
SDxCentral Top Stories Nokia Touts Renewable Energy ProgressNokia claims to be on track to match 60% of its power consumption with renewable energy generation this year. Read more.
Fortinet Expands AIOps to 5G, LTE GatewaysThe expanded FortiAIOps provides configuration recommendations for hardware and software, and offers resolution to trouble tickets. Read more.
Federated Wireless Forges Managed Private WirelessFederated Wireless is joining the growing list of vendors pushing deeper into the private wireless space with its managed service. Read more.
Rakuten Mobile CISO: Microservices Migration Brings More Security Challenges to TelecomRakuten Symphony and Rakuten Mobile CISO John Carse encourages more communications over common challenges like security. Read more.
Nova Labs Builds Out Helium-based 'Decentralized 5G Network' via T-MobileThe Mobile Virtual Network Operator will enable users of Helium Mobile to access T-Mobile and local Helium 5G networks created by users. Read more.
Pure Storage Boasts Free Sustainability AssessmentThe tool is focused on reducing energy use, monitoring emissions, and recommending direct carbon footprint reduction strategies. Read more.
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