US fines Cognizant, charges two ex-officials in India bribery case

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US fines Cognizant, charges two ex-officials in India bribery case

US authorities on Friday announced criminal charges against two former Cognizant Technology Solutions Corp officials for their roles in a bribery scheme in India, and said the company will pay $25 million to settle a related civil case.

The US Department of Justice said former president Gordon Coburn and former chief legal officer Steven Schwartz were charged in a 12-count indictment with violating the federal Foreign Corrupt Practices Act and other offenses.

US fines Cognizant, charges two ex-officials in India bribery case

Cognizant’s payment, which includes a $6 million fine, resolves a related case by the US Securities and Exchange Commission. The information technology services company is based in Teaneck, New Jersey.

source: moneycontrol