Software major Wipro said it had agreed to pay a civil penalty worth $5 million to the US Securities and Exchange Commission (SEC) to resolve a six-year investigation on account of embezzlement of funds by an employee.
“Wipro’s decision to reach a settlement with the US SEC could well be a measure to play safe, anticipating the new administration in the US,” said Sanchit Vir Gogia, Chief Analyst and CEO of Greyhound Research.