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Business Crimes Hotline
Former Cognizant Technology COO Settles FCPA Case In Relation to India Office Construction Project
Sridhar Thiruvengadam, the former chief operating officer for Cognizant Technology Solutions (Cognizant), has reached a settlement with the U.S. Securities and Exchange Commission (SEC) in connection with a bribe paid to expedite a large construction project in India and his role in the related cover-up. Cognizant, a NJ-based global technology and consulting services company, has more than half of its staff located in India. The project related to the planned construction of a vast office campus in Chennai that was to cover 2.7 million square feet and cater to approximately 17,500 employees.
According to the SEC's Administrative Order released on Sept. 13 2019, Mr Thiruvengadam, an Indian national and resident who had been with the company for over two decades, caused the company to violate the Foreign Corrupt Practices Act's (FCPA) internal accounting controls and recordkeeping provisions. Without admitting or denying the SEC's findings, Mr Thiruvengadam agreed to pay a $50,000 civil penalty and to cooperate fully with the Commission in any related proceedings. In parallel, the U.S. Department of Justice (DOJ) continues to pursue criminal charges against Cognizant's former President and General Counsel. This follows the company's February 2019 settlement with the SEC, in which it agreed to pay $25 million to settle related charges.
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