IBM to pay $10M to settle charges it bribed Chinese, Korean officials

IBM has agreed to pay $10 million to settle charges it bribed South Korean and Chinese government officials in order to obtain government contracts.

According to the settlement filed in federal court Friday by the Securities and Exchange Commission (SEC), managers at IBM's South Korean subsidiary allegedly provided cash payments totalling $207,000 and gave computers to government officials between 1998 and 2003 to secure government contracts there.

More than 100 employees at IBM's Chinese units were accused of providing overseas trips, entertainment and other gifts to Chinese officials between 2004 and 2009. The SEC alleged IBM didn't have sufficient internal controls in place and failed to keep accurate books.

The settlement doesn't include any admission or denial of guilt from IBM.

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