{"id":320743,"date":"2011-03-18T20:08:41","date_gmt":"2011-03-18T20:08:41","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/18\/ibm-pays-out-over-bribery-charges\/"},"modified":"2011-03-18T20:08:41","modified_gmt":"2011-03-18T20:08:41","slug":"ibm-pays-out-over-bribery-charges","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/18\/ibm-pays-out-over-bribery-charges\/","title":{"rendered":"IBM pays out over bribery charges"},"content":{"rendered":"<p><div readability=\"56.3970588235\">\n        \t\t  <span><br \/>\n    <span>18 March 2011<\/span><br \/>\n<span>Last updated at <\/span><span>16:08 ET<\/span><br \/>\n<\/span><\/p>\n<p>Computer giant IBM has agreed to pay $10m (\u00a36m) in an out-of-court settlement of bribery allegations.<\/p>\n<p>The US Securities and Exchange Commission (SEC) alleged that IBM had paid large bribes to South Korean and Chinese government officials.<\/p>\n<p>The bribes were channelled through local business partners and travel agents for more than a decade in order to win contracts, according to the SEC.<\/p>\n<p>The SEC said the bribes made IBM some $5m additional profits.<\/p>\n<p>The bribes included overseas trips, gifts such as cameras and laptop computers, and entertainment for Chinese officials.<\/p>\n<p>More than 100 IBM employees had provided such bribes between 2004 and 2009, the SEC said.<\/p>\n<p>During the 1998 to 2003 period, managers at a subsidiary and joint venture paid more than $200,000 in bribes to South Korean officials.<\/p>\n<p>&#8220;Deficient internal controls&#8221; allowed staff to conceal bribes as &#8220;legitimate business expenses&#8221;, the SEC said.<\/p>\n<\/p><\/div>\n<\/p>\n<p>Read the rest here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-12793255\" title=\"IBM pays out over bribery charges\" rel=\"noopener noreferrer\">IBM pays out over bribery charges<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 18 March 2011 Last updated at 16:08 ET Computer giant IBM has agreed to pay $10m (\u00a36m) in an out-of-court settlement of bribery allegations. The US Securities and Exchange Commission (SEC) alleged that IBM had paid large bribes to South Korean and Chinese government officials<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-320743","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IBM pays out over bribery charges - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/18\/ibm-pays-out-over-bribery-charges\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"IBM pays out over bribery charges - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"18 March 2011 Last updated at 16:08 ET Computer giant IBM has agreed to pay $10m (\u00a36m) in an out-of-court settlement of bribery allegations. 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