SAP International agreed with the the US National Stock Committee to pay $3.7 million of its profits and $189,000 in interest for bribing panamanian officials.
The penalty relates to the corruption case linked to former company executive, Vicente Eduardo Garcia, who was sentenced to 22 months in prison for bribing Panamanian officials. Garcia paid $145,000 in bribes to the company Advanced Consulting Panama, SA, who won a $14.5 million contract with the Social Security Department which included the sale of software licenses.