Networking giant Cisco Systems Inc. said in its annual report Thursday that following an investigation into operations in Russia and some CIS countries, the DOJ and SEC won’t bring FCPA enforcement actions.
Cisco disclosed in March 2014 that at the request of the agencies, it was investigating allegations of FCPA violations involving the company and some of its resellers.
Cisco said it fully cooperated with the DOJ and SEC and shared the results of its investigation with them.
San Jose, California-based Cisco is the biggest networking company in the world. It has about 73,000 employees. Revenues last year were $49.2 billion.
About 2 percent of its revenues come from Russia and the CIS countries.
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Here’s the full FCPA disclosure in Cisco Systems’ Form 10-K filed with the SEC on September 8, 2016:
At the request of the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice, we have conducted an investigation into allegations which we and those agencies received regarding possible violations of the U.S. Foreign Corrupt Practices Act involving business activities of our operations in Russia and certain of the Commonwealth of Independent States, and by certain resellers of our products in those countries. We take any such allegations very seriously and we have fully cooperated with and shared the results of our investigation with the SEC and the Department of Justice. Based on the investigation results, both the SEC and the Department of Justice have recently informed us that they have decided not to bring enforcement actions.
Richard L. Cassin is the publisher and editor of the FCPA Blog. He’ll be the keynote speaker at the FCPA Blog NYC Conference 2016.