HP tight-lipped over Russian bribe allegation

Vendor conducting its own investigation over alleged bribery over a Russian public sector contract

Investigation: Former HP employees are connected with an alleged €8m in kick-backs

HP is yet to make an official statement to its shareholders over allegations that the company bribed Russian officials to secure a 2003 IT contract.

A US Securities and Exchange Commission (SEC) investigation is currently underway over the claim, which concerns a €35m contract to supply IT services and hardware to the office of the Russian prosecutor general. HP is also investigating the matter itself.

Earlier this week the firm revealed to several media outlets including The Independent, The Wall Street Journal and the Financial Times, that its Moscow offices had been raided as part of a multimillion-dollar bribery investigation, headed up by German authorities.

Nine suspects have been targeted, including former HP employees connected with an alleged €8m in kick-backs.

An HP statement earlier this week claimed: "This is an investigation of alleged conduct that occurred almost seven years ago, largely by employees no longer with HP. We are co-operating fully with the German and Russian authorities and will continue to conduct our own internal investigation."

Updates to follow.