(MENAFN) Qualcomm, the American semiconductor firm, will pay a USD7.5 million settlement to the U.S. Securities and Exchange Commission (SEC) to resolve an ethical violations case that the SEC made earlier.
The SEC order states that on specific incidents Qualcomm gave employees of state-owned entities or government agencies in China event tickets and gifts or paid for travel, plus hiring friends of workers in ministries.
As a result, the California-based company has stated that it will start to closely monitor to decide if a candidate has any relationship with an employee of a government agency or state-owned entity.
"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," said a firm's official.
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