IBM pays $10 m to settle case

IBM pays $10 m to settle case

The US Securities & Exchanges Commission alleged employees of IBM Korea and a local joint venture with LG Electronics paid around $207,000 in bribes to South Korean government officials.

The violations of Foreign Corrupt Practices Act took place between 1998 through 2009, SEC said. The two sides, however, settled with IBM paying a civil penalty of $2 million plus $8 million in other payments. IBM did not admit or deny the allegations.