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April 25, 1988


By CBR Staff Writer

Seems that the IBM corporate culture has not transplanted too well to Brazil, where 11 employees have been fired in the wake of discovery of three separate frauds: three employees in the foreign exchange department reportedly sent credits to their rightful destination via a bank account controlled by a partner of one of the three, where a total of $58m of IBM money accrued $2m interest for the consprirators over 10 months en passant; two employees in the payroll department reportedly falsified and duplicated bills, and six others, led by the officer in charge of internal controls allegedly falsified invoices from two construction companies, the latter two scams netting some $800,000; a lawyer for some of the accused told Journal do Brasil that his clients were being used as pawns to cover up involvement of more senior IBM-Brasil officers.

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