DStv Channel 403 Wednesday, 25 December 2024

State capture | SAP to pay R2.2 billion in restitution

SAP to pay R2.2 billion in restitution

JOHANNESBURG - German Software giant, SAP, is coughing up after US authorities found evidence of bribery in South Africa and elsewhere.

WATCH: State capture | SAP to pay R2.2-billion in restitution to SA

It has agreed to pay R2.2-billion to South African state entities and government departments.

Overall it will pay R4-billion to settle bribery investigations in various territories after US and South African authorities coordinated their investigations.

SAP has shares listed in the US and is therefore subject to oversight of the US Justice Department and the Securities and Exchange Commission.

In South Africa it was reported in seven years ago that SAP had paid R100-million in commissions which looked like possible kickbacks to a Gupta linked company for business at Transnet.

Around the world SAP would pay consultant companies money to land state business, using their political sway rather than actually doing any work.

And the suspicion was that some of the money was being channeled to government officials as bribes.

Dr Iraj Abedian, the CEO of Pan African Investment and Research Services, discussed this with eNCA.

Paid Content