- SAN FRANCISCO: IBM Corp.
- has agreed to pay $10 million to settle allegations that it bribed South Korean and Chinese government officials for more than a decade to win contracts.
The Securities and Exchange Commission accused the technology company of making roughly half that amount in profit from the behavior.
Managers at an IBM subsidiary and joint venture allegedly paid $207,000 in bribes to South Korean officials from 1998 to 2003. From 2004 until 2009, more than 100 IBM employees in China provided improper overseas trips, entertainment and other gifts for officials, the SEC alleged.
The SEC said lack of internal controls allowed IBM managers to use local business partners and travel agencies as conduits for bribes in those countries.