A PYMNTS Company

Panama: SAP accused of bribing in contract bids

By  |  August 25, 2015

Panamanian prosecutors are pressing on with an investigation into a long series of bribes paid to local government officials in exchange for tendering contracts to German software giant SAP. The case was renewed after the FBI reported a confession offered by one of SAP’s high executives.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    American businessman Vicente Eduardo García, who was in charge of various SAP global and strategic accounts, admitted to having bribed three high-ranking government officials in 2009, “with the aim of securing technological contracts for SAP”. García has said that 4 contracts were obtained through bribes between 2009 and 2011.

    In total, the SAP executive is thought to have received 40 payments from the government, between 2009 and 2015, totalling over $15 million dollars. In Garcia’s statements, he refers to these contracts as a “gateway” for a slew of further agreements, which he estimated would eventually earn him up to $100 million.

    SAP has issued a statement in which it denies any knowledge of bribery, claiming García had managed to evade internal protocols in place to prevent such acts of bribery.

    Full Story: Mercado.com

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.