This excerpt taken from the GOOG DEF 14A filed Mar 25, 2008.
Investment in Comsenz Inc.
In July 2007, Google invested approximately $1 million in the Series B preferred stock financing of Comsenz Inc., a provider of Bulletin Board System (BBS) and social networking software and hosted services for websites in China. Certain venture funds of Sequoia Capital China hold more than ten percent (10%) of the outstanding shares of Comsenz. Michael Moritz, who was a member of the board of directors of Google until May 2007, is a non-managing member of the mid-tier general partner of the Sequoia Capital China funds and has a greater than ten percent (10%) equity interest in one of the Sequoia Capital China funds.
Googles Audit Committee reviewed and approved this transaction as part of Googles procedures for entering into transactions with related parties.