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| Cisco Probed by SEC, Justice Department Over Russia Unit. |
| 2014-03-14 |
| [Bloomberg] Cisco Systems Inc. (CSCO) has started a bribery related investigation into its operations in Russia and neighboring countries at the request of the U.S. Securities and Exchange Commission and the U.S. Department of Justice. The biggest maker of computer-networking equipment disclosed the probes in a Feb. 20 filing, which said the company or its resellers may have violated the U.S. Foreign Corrupt Practices Act in Russia and some countries in the Commonwealth of Independent States. The Wall Street Journal reported the disclosure earlier yesterday. Cisco, based in San Jose, California, said it didn’t anticipate that the results will have a material effect on its finances. “The company takes any such allegations very seriously and is fully cooperating with and sharing the results of its investigation with the Commission and the Department,” Cisco wrote in the filing. John T. Chambers has been at the helm of CSCO for nearly 20 years. The firm has enjoyed a high degree of success and is flooded with cash. Very interesting timing and DoJ 'look see' if nothing else. |
| Posted by:Besoeker |