18 Mar '11, 6pm

IBM to pay US$10m to settle Asian bribe case

IBM to pay US$10m to settle Asian bribe case

WASHINGTON : IBM has agreed to pay $10 million to settle charges it gave cash and gifts to Chinese and South Korean government officials, according to the US Securities and Exchange Commission (SEC). Under the agreement, which is subject to court approval, IBM does not admit or deny the allegations that it violated the Foreign Corrupt Practices Act. The agreement, a copy of which was obtained by AFP on Friday, calls for the US computer giant to pay disgorgement of $5.3 million, interest of $2.7 million and a civil penalty of $2 million. In a complaint filed with a US District Court here, the SEC said employees of IBM subsidiaries and a majority-owned joint venture provided cash and improper gifts, travel and entertainment to Chinese and South Korean government officials between 1998 and 2009. From 1998 to 2003, employees of IBM Korea and joint venture LG IBM PC Co. paid $2...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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