There was a possible embezzlement scheme at our China operations: Cisco
Networking-equipment firm Cisco Systems Inc has voluntarily disclosed that there was a possible embezzlement scheme at Its China operations and it is investigating payments made to employees of Chinese state-owned enterprises. According to The Wall Street Journal, the firm voluntarily disclosed the matter to the United States (US) Department of Justice and US Securities and Exchange Commission. Cisco stated this in a 10-Q filing to the Securities and Exchange Commission (SEC) on Tuesday (local time). The San Jose, California-based company said the investigation was focused on allegations o...
Source: business-standard.com