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SEC v. Chandramowli Srinivasan

 
:
Chandramowli Srinivasan
:
SEC Civil
:
September 25, 2007
:
SEC v. Chandramowli Srinivasan
:
SEC v. Chandramowli Srinivasan, Civil Action No. 1:07-CV-01699
:
Service-Business/Consulting
:
India
:
2001; 2002; 2003
:
Senior employees of two companies partially owned by the Indian government
:
Srinivasan settled this action with the SEC without admitting or denying the following facts alleged in the SEC's complaint:

Srinivasan, the former president of A.T. Kearney India ("ATKI"), a subsidiary of Electronic Data Systems ("EDS"), allegedly caused ATKI to make at least $720,000 in bribe payments between 2001 and 2003 to senior employees of two companies partially owned by the Indian government. The payments were made after the senior employees threatened to cancel their companies' contracts with ATKI. After the bribe payments were made, the companies continued to do business with ATKI, and one of the companies awarded ATKI two additional contracts. The bribe payments enabled ATKI to recognize over $7.5 million in revenues from its contracts with those companies. Srinivasan and an ATKI contract accountant allegedly fabricated invoices as a means of effectuating those payments, which allegedly caused EDS to record these payments in its books and records.
:
Anti-bribery (Issuer), Internal controls (Issuer)
:
Civil Settlement
:
Civil penalty
:
70,000
:
0
:
President
:
Foreign
:
Contract Procurement/Retention, Legislation
:
7,500,000
:
Cash, Gifts
:
Direct
:
720,000
:
No
:
No