BENGALURU: Cognizant said it recorded a loss of $28 million in its balance sheet related to India bribery discussions with the US Department of Justice and the Securities and Exchange Commission.In September 2016, Cognizant informed the US Department of Justice and the US Securities and Exchange Commission that it was in violation of the US Foreign Corrupt Practices Act due to payments made relating to the company’s facilities in India. Cognizant President Gordon Coburn stepped down when it disclosed the bribery.“We are getting closer to a resolution following discussions with the US DOJ and the SEC. We can reasonably estimate a loss and that is the $28 million accrual we recorded,” Malcolm Frank, Head of Strategy at Cognizant, told ET in an interview.He said the company could not give further details on the loss nor give a timeframe for final resolution.In its 2017 annual report, Cognizant said it had identified about $6 million in bribes paid from 2009 to 2016. The company said it had spent about $60 million related to the investigation into the bribes.
from Economic Times https://ift.tt/2yH47cC
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