SAP to reveal Gupta-linked kickback details following internal investigation

Embed Video Popup VideoInstagram Download Buy

Corruption allegations surrounding the ANC-connected Guptas ensnared one of Germany's biggest companies as SAP SE joined global businesses ranging from KPMG LLP to McKinsey & Co in reporting links with the family.

SAP chose to start an internal investigation into its business with the Guptas after it was reported that it had closed a "sales commission agreement" with a Gupta company which saw the family get an alleged R99.9-million in kickbacks for apparently opening deals for SAP to work with state-owned entities like Transnet and Eskom.

"The allegations of wrongdoing in our South African business have had a profound impact on our employees, customers and partners, and on the South African public - and we apologise wholeheartedly for this", said one of SAP's top executives Adaire Fox-Martin, in a statement.

"Since the investigation is still ongoing, and in deference to ongoing investigations of the US Department of Justice and the Securities [and] Exchange Commission, SAP can not provide further details now".

Rotary Club of Hyderabad Deccan holds Polio Day
The Bill & Melinda Gates Foundation will match Rotary's commitment 2:1. Being a part of efforts to eradicate the disease feels good. Gates and Rotary are pledging $450 million to ending polio.

The wealthy Gupta family has come under scrutiny and has been accused of exerting undue influence over Zuma.

The three Gupta brothers, who reportedly relocated to South Africa from India in 1993, and Zuma have denied any wrong-doing. The company will stop paying sales commissions on public sector deals in countries with a Corruption Perceptions Index below 50, it said.

"We can not emphasize enough how seriously the SAP executive Board takes these allegations, or how committed we are to managing this process in a transparent, ethical and responsible way", SAP Executive board member Adaire Fox-Martin told reporters in Johannesburg. "South Africa's rating is 45".

SAP will publish full findings of its investigation upon conclusion of the investigation. SAP also started disciplinary proceedings against three employees.

Hawks bring in veteran DE Freeney
Freeney also took to Twitter in a post to announce he'd be joining the Seahawks but did not divulge any contract details. The Seattle Seahawks are going up against the Houston Texans and rookie quarterback Deshaun Watson on Sunday (Oct. 29).

On Tuesday, the German software giant released a statement saying it has reported alleged misconduct in its South African operations to United States authorities.

SAP received revenue of about 660 million rand ($47 million) and paid commissions to Gupta-related entities, SAP said.

While SAP's statement initially sent shares down as much as 0.9% in Frankfurt trading, the stock has since rebounded, rising 1% to 96.45 euros as of 4:38 pm local time.

Matt Damon says he knew about Harvey Weinstein sexually harassing Gwyneth Paltrow
He said, "And I didn't think they were going to have affairs with Harvey, quite honestly". That's how he carried himself", the Good Will Hunting actor explained.

Share

Related News

  • United Kingdom  growth fuels speculation of interest rate rise

    United Kingdom growth fuels speculation of interest rate rise

    However, the construction industry, often seen as a bellwether for the broader economy, contracted for the second quarter in a row.
    What's new in Android 8.1?

    What's new in Android 8.1?

    The Pixel 2 XL, on the other hand, carries a price-tag of INR 73,000 for 64GB and INR 82,000 for the 128GB storage variant. The XL has the larger, QuadHD display, as well as the taller 18:9 size ratio, while the Pixel 2 has the HD, 16:9 display.
    Barstool Van Talk cancelled by ESPN after one episode

    Barstool Van Talk cancelled by ESPN after one episode

    BARSTOOL SPORTS' " BARSTOOL VAN TALK " has been canceled by ESPN2 before its second episode could air. Barstool ended up digging up some unflattering tweets from Ponder's own history.
  • Asia billionaires overtake United States  for first time led by China

    Asia billionaires overtake United States for first time led by China

    While only 45% of billionaires were self-made in 1995, the percentage of entrepreneur billionaires has now risen to 80%. As expected in a country with such an entrepreneurial mind set, technology is the biggest driver of wealth creation.
    Order on anthem at cinemas may change

    Order on anthem at cinemas may change

    The Centre had supported the decision to make it mandatory for people to stand at cinemas for the National Anthem. Justifying its U-turn on the issue, the Bench said, "People go to movie halls for undiluted entertainment".
    Animal Crossing Mobile Game to be Revealed This Week

    Animal Crossing Mobile Game to be Revealed This Week

    Nintendo first announced a plan to bring a mobile version of Animal Crossing and Fire Emblem early a year ago . Looks like Nintendo finally has more info on the way for the mobile version of Animal Crossing .
  • Majority of Republicans support marijuana legalization

    Majority of Republicans support marijuana legalization

    Overall, 64 percent of Americans support legalizing marijuana , according to the poll , which was taken October 5 to 11. Every once and awhile a poll comes out that says that more Americans than ever support marijuana legalization.
    Albert Einstein's 'secret to happiness' note sells for $1.9m

    Albert Einstein's 'secret to happiness' note sells for $1.9m

    Author Information: Rachel graduated from Yale and is a reporting intern on the local politics team . The auction house originally estimated that the note would sell for between $5,000 and $8,000.
    James Comey Twitter Secret Account Revealed

    James Comey Twitter Secret Account Revealed

    The post shows Comey standing in the middle of a country road, "Gotta get back to writing". Benjamin Wittes tweeted confirmation today that the account does indeed belong to Comey.
  • Nintendo Switch Update 4.0.0 Adds GameCube Controller Support

    Nintendo Switch Update 4.0.0 Adds GameCube Controller Support

    GameXplain showcases the GameCube controllers being used for the brand new Fire Emblem: Warriors on the Nintendo Switch . Presumably this won't work in handheld mode, because there's no wireless connectivity between the Switch and its dock.
    Walmart, Trader Joe's, more vegetables recalled for listeria fears

    Walmart, Trader Joe's, more vegetables recalled for listeria fears

    The products were distributed with the "best if used by" dates of October 11-20, according to the U.S. Mann Packing issued a recall for a number of its produce products , including the ones shown here.
    Looks Like Lonzo Ball has Something to Say

    Looks Like Lonzo Ball has Something to Say

    His biggest impact came on three straight layups that helped keep the surging Suns at bay in the final few minutes of the game. While the Lakers bench was going insane for Ball's performance, the rookie point guard did not offer so much as a smile.