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Dell has set aside $100 million for an anticipated fine over alleged financial discrepancies and its dealings with Intel, following a long term investigation in the US by the Securities and Exchange Commission.
According to a statement released by the firm today, The allegations relate to violations of federal security laws, inaccurate financial reporting, negligence-based fraud charges, and charges related to disclosures and omissions regarding its relationship with the chip maker.
Essentially, all the complaints are based on an alleged lack of transparency – in that the Dell management was allegedly not as honest as it could have been regarding its relationship with Intel and other fiscal matters.
CEO and founder Michael Dell is also in discussions personally, relating to a settlement with the SEC. The investigation has been going since 2005.
“We are hopeful that these settlement discussions will achieve a comprehensive resolution in the near future. The independent directors of the Board have affirmed that Michael Dell will continue to lead the company as its chairman and CEO, and he continues to have our complete confidence and support” said Sam Nunn, presiding director of the Dell Board.
