IBM bribing South Korean and Chinese Governments

As per the wall street journal report, IBM paid between 1998 and 2003 to South Korean government officials, and between 2004 and 2009 to Chinese government officials.

The SEC(Securities and Exchange Commission) accuses employees in the South Korea offices of the tech giant of paying government officials $207,000 and providing travel, entertainment, and gifts of cameras and laptops in exchange for a contract to supply PCs and mainframes to the government and it also alleges that more than 100 employees and two top officials of IBM in China paid for the vacations of Chinese government representatives, through slush funds established at travel agencies.

Though after all this, IBM did not admit to wrongdoings, but did say it has higher ethical standards for its employees and had taken appropriate remedial action. As per the latest report, IBM has agreed to pay a settlement of $10 million to settle civil charges that it had an ongoing practice of trading bribes for computer equipment contracts, according to court documents filed on March 18,2011.