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Thursday, February 1, 2001
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 findings…[more]