IBM Settles Civil Bribery Case with US Government...
IBM has paid 10 million dollars in order to settle the civil bribery case with the US government on accusations that it bribed government officials in South Korea as well as China. It is described in the Wall Street Journal that the US Secretaries and Exchange Commission (SEC) alleged that managers at IBM located in South Korea paid $200,000 dollars in cash to government officials in order to bribe them into buying products for the government. These allegations date as far back as from the late 1990's to early 2000's. Aside from this, the SEC has also stated that IBM officials in China provided various "gifts" such as paid expense trips, and entertainment, amongst others, to government officials in order to procure contracts. As a result of this kind of corruption, it is explained that "an enormous tax" is added to the cost of doing business internationally, and as a result of this, countless jobs are lost. Aside from this, honest, well practicing businesses also lose an edge on various business opportunities.
Article From: Ethics Newsline: March 28, 2011
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