IBM Being Sued for Bribing South Korean and Chinese Officials

IBM is being sued by the U.S. Securities and Exchange Commission for bribing South Korean and Chinese officials. IBM has entered into a settlement but would not disclose the exact amount, but IBM said they have agreed to pay $10 million to settle the case. According to the article, IBM gave gifts, travel, and entertainment valued at US$207,000 to South Korean officials between 1998 and 2003. IBM also bribed Chinese officials with the same type of things from 2004 to 2009, but the value was not given. Under the Foreign Corrupt Practices Act, bribes are illegal. IBM was told by the court to give up anything they gained from the bribes.