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Cisco Investigating Former Staff in China for Taking Part in ‘Self-Enrichment’ Scheme

February 21, 2021

U.S. tech giant Cisco Systems is investigating its former employees in China for allegedly taking part in a “self-enrichment” scheme, the firm wrote in a recent filing to the SEC (Securities and Exchange Commission). “Some of those employees are also alleged to have made or directed payments from the funds they received to various third parties, including employees of state-owned enterprises,” the filing stated. Cisco Systems, a San Jose-headquartered company, entered the China market in 1994 and has about 4,000 employees, spanning sales, customer service, research and design, and manufacturing, according to Cisco Systems China’s official website. The company didn’t provide details about the amount or the method that these former employees used to pay the Chinese firms. “We take such allegations very seriously and we are providing results of our investigation to the DOJ (Department of Justice) and SEC,” the filing stated. Cisco didn’t immediately respond to a request by … Read More

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