Xerox Modicorp dealer in New Delhi packs a drum cartridge

PUBLISHED : Thursday, 04 July, 2002, 12:00am
UPDATED : Thursday, 04 July, 2002, 12:00am
 

A Xerox Modicorp dealer in New Delhi packs a drum cartridge for delivery yesterday as Xerox disclosed that its Indian subsidiary had bribed government officials to push up sales.


This follows the accounting scandal in the United States over a US$2 billion revenue gap in Xerox's books, as a result of which it is re-stating five years of results.


In a delayed annual report, Xerox said its 68 per cent-owned subsidiary had made the payments to win government contracts. A spokesman estimated the payments in 2000, when they were stopped, to be as much as US$700,000.


Xerox ModiCorp could face action by the Indian Department of Company Affairs including possible criminal charges because the payments may fall under the Prevention of Corruption Act.


Share

 

Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

Enter multiple addresses separated by commas(,)

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive