Former SAP Executive Pleads Guilty To Bribing Panamanian Government Official

The Securities and Exchange Commission announced Wednesday that a former executive of SAP SE , a software firm, will settle charges that he violated the Foreign Corrupt Practices Act by bribing Panamanian government officials through an intermediary to procure software license sales. Vicente E. Garcia, the former vice president of global and strategic accounts for SAP SE, orchestrated a scheme to pay $145,000 in bribes to a Panamanian government official and promised to pay two others to obtain four contracts to sell the firm's software to that government. By selling software to a partner in Panama at discounts of up to 82% he enabled that business partner to create a slush fund for the bribes. Garcia, who lives in Miami, also received kickbacks from the slush fund. Garcia also pleaded guilty to a one-count of criminal conspiracy to violate the Foreign Corrupt Practices Act. Sentencing is scheduled for Dec. 16, 2015