Qualcomm will pay a $7.5 million settlement to the U.S. Securities and Exchange Commission to settle an ethical violations case that the SEC made earlier. Qualcomm is making this settlement while at the same time not officially admitting or denying the claims made by the SEC.
The SEC order states that on certain occasions Qualcomm gave employees of state-owned entities or government agencies in China event tickets and gifts or paid for travel, and on certain occasions hired children or friends of employees of state-owned entities or ministries in China.
Qualcomm has always strived to comply with FCPA requirements. As a result of this experience, Qualcomm has taken additional steps to enhance its existing internal controls and procedures. For example, although like most organizations Qualcomm appreciates referrals of job candidates by those who know the candidates well, the Company now closely monitors to determine if a candidate has any relationship with an employee of a government agency or state-owned entity, and applies a stricter standard of scrutiny in an effort to avoid potential FCPA risks in the future.
The company added that that as part of its settlement agreement, it will make periodic reports to the SEC on how it will maintain its FCPA requirements.
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