HP fined $58.7M for bribery of Russian government

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Hewlett-Packard has pleaded guilty to felony charges that former employees bribed Russian government officials for a contract, and the company has been fined $58.7 million.

The Securities and Exchange Commission says Hewlett-Packard's Russian subsidiary admitted violating the Foreign Corrupt Practices Act in a Northern California court Thursday.

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The SEC alleged the HP division paid $2 million to retain a technology contract with Russian prosecutors.

The plea and sentence are part of a larger agreement reached in April. HP agreed to pay a total of $108 million in criminal and civil penalties for bribing officials in Russia, Mexico and Poland.

Lawyers for the Palo Alto, California, company have said the misconduct was limited to a small number of people who no longer work there.

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By The Associated Press