Wipro to pay $5 mn to close six-year-old US Securities probe
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Software major Wipro has agreed to pay a civil money penalty worth $5 million to the US Securities and Exchange Commission (SEC) to resolve a six-year-old investigation on account of embezzlement of funds by an employee.
In a filing to the BSE, the company said while agreeing to a settlement it neither admits nor denies the allegations made by SEC that Wipro violated certain provisions of the Securities Exchange Act of 1934.
"Under the terms of the settlement, the company consents to pay a civil money penalty of $5 million to cease and desist from committing or causing violations of the Exchange Act and to undertake certain follow through action. The company believes it is in its best interests and that of all its stakeholders to resolve this prolonged matter," said the company in the filing.
Six years ago, the company found out an incident of an embezzlement of about $4 million (approximately Rs 20 crore) by an employee working in the controllership division within the finance department of Wipro.
The employee, Anup Kumar Agarwal, allegedly managed to transfer the money from Wipro's corporate account to his and his family members' accounts by stealing the official net banking password from another Wipro employee.
When the company came to know about the incident in December 2009, it managed to substantially recover the entire embezzled amount before Agarwal decided to end his life on December 24, 2009.
The SEC initiated an enquiry in September 2010. While the company identified the underlying internal control weaknesses and conducted investigation to tighten the policies, it also hired external auditors to review the matter.
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