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Plantronics Reaches $36 Million Settlement with SEC Plantronics Reaches $36 Million Settlement with SEC
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Plantronics Reaches $36 Million Settlement with SEC
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Old 28th December 2018, 06:34   #1
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Default Plantronics Reaches $36 Million Settlement with SEC

Plantronics has agreed to a $36 million settlement with the U.S. Securities and Exchange Commission (SEC) involving its new $2 billion acquisition; Polycom. From 2006 until 2014, corrupt Polycom China executives provided significant discounts to Polycom's distributors and/or resellers, while knowing these discounts would be paid to Chinese government agencies and government-owned enterprises. These bribes were made to buy assistance from those officials to obtain more orders for Polycom products. These illegal bribes were documented in a parallel deal-tracking and email system in China, and outside of Polycom's company-approved system. The Chinese executives instructed the sales personnel to not use their Polycom email addresses to hide the transactions. Polycom made no attempt to create an anti-corruption system or implement internal accounting controls in regards to its Chinese operations. The SEC concluded that Polycom China made the company an additional $10.7 million in revenue. In addition, Polycom reported its CEO's personal expenses as company expenses. The U.S. Department of Justice ("DOJ") also made public a letter of declination closing its investigation into Polycom citing among other things Polycom's voluntary disclosure and full cooperation. Polycom is neither admitting nor denying the SEC's allegations. As part of resolving these matters, a payment of $36 million will come from an escrow secured by Plantronics as part of its acquisition of Polycom.

http://www.hardocp.com/news/2018/12/...ettlement_sec/
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