IBM fined for bribing Chinese, South Korean officials
Saturday, 19th March 2011
IBM has agreed to pay a settlement of $10 million to settle civil charges that it had an ongoing practice of trading bribes for computer equipment contracts, according to court documents filed today.
The Wall Street Journal first reported that the SEC is suing the company over cash bribes that it says IBM paid between 1998 and 2003 to South Korean government officials, and between 2004 and 2009 to Chinese government officials.
IBM did not admit to wrongdoing, but did say it has higher ethical standards for its employees and had taken "appropriate remedial action," according to the WSJ report.
The SEC's suit accuses employees in the South Korea offices of the tech giant of paying government officials $207,000 and providing travel, entertainment, and gifts of cameras and laptops in exchange for a contract to supply PCs and mainframes to the government.
Read more: http://news.cnet.com/8301-31021_3-20044838-260.html#ixzz1H3R1vdjl
Publication : CNET
TAGS : IBM CSR
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