Congnizant settles 2014 graft case, agrees to pay $25 million to US market regulator

Congnizant Technology agrees to pay $25 million to the US stock market regulator and Justice department in the $3.6 million graft case of 2014. Two top executives of the Congnizant technology were alleged with the bribery charges to an Indian official from Tamil Nadu for building the development center of the US tech company in Tamil Nadu.

With this congnizant is absolved from all the cases or disputes with the US market regulator-Securities and Exchange Commission (SEC), for breaching Foreign Corrupt Practices Act. But the problems for the US tech company is not over yet, the US market regulator may have agreed to absolve it of all charges but the Government of India has announce actions against its two top executives engaged in the graft deal.

“These cases are a matter between the government and these individuals and the charges against them will be addressed by the court,”said Francisco D’Souza, vice-chairman and CEO of Cognizant.

The complaint alleges, Congnizant company president Gordon Coburn and Chief Legal Officer Steven E Schwartz authorized contractor who was working on the project to give bribes to the aforementioned Indian official and asked his subordinate to conceal the Bribe.

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