SEC and IBM Settle Argentine Bribery Case

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Thursday, February 1, 2001
Author: 
Bruce Zagaris
Volume: 
17
Issue: 
2
86
Abstract: 
On December 21, 2000, the Securities and Exchange Commission (SEC) announced that the International Business Machines Corp. has agreed to pay $300,000 to settle charges related to allegations that its subsidiary in Argentina paid bribes to secure a contract in the mid-1990s. The SEC accused IBM of filing an inaccurate financial report in 1994 that failed to disclose illicit payments made by IBM-Argentina to win a $250 million computer contract at a government-owned commercial bank. An IBM spokesman explained that IBM is neither admitting nor denying the SEC findingsā€¦[more]