Diebold, the US headquartered ATM vendor, has agreed to pay $48m to resolve the criminal and civil charges the company become embroiled in throughout China, Indonesia and Russia.

The ATM manufacturer was accused of handing over millions of dollars in bribes to bank officials.

Acting assistant attorney general Mythili Raman said: "In China, Indonesia and Russia, Diebold chose to pay bribes for business and falsify documents to cover its tracks.

"Through its corrupt business practices, Diebold undermined the sense of fair play that is critical for the rule of law to prevail."

Between 2005 and 2010 in China and Indonesia Diebold spent around $1.8 on gifts for influential officials in the banking industry, according to the SEC.

In Russian the vendor allegedly funnelled $1.2m in bribes using phony service contracts to hide and falsely record the payments as legitimate business expenses.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Diebold has agreed to pay $22.9m in disgorgement and prejudgment interest to settle the SEC charges.

It will also pay a fine to settle criminal proceedings, with the Department of Justice agreeing to defer prosecution for three years.

If Diebold abides by the terms of the agreement, the department will dismiss the criminal information.

Related articles:

Diebold to roll out more indoor ATMs

Diebold to introduce contactless ATMs

Increasing demand for cash points to substantial growth to hit global ATM market – RBR