Computer maker Dell has agreed to pay a fine of $100 million imposed by the US Securities and Exchange Commission in relation to charges of accounting fraud, business newswire Bloomberg reports.
According to the deal made with the SEC, Dell chairman Michael Dell has also agreed to pay a personal fine of $4 million, which lets him remain as the chairman of the company. Former Dell CEO Kevin Rollins and ex-CFO James Schneider have also been asked to cough up fines of $4 million and $3 million, respectively.
The company was accused by the SEC of not informing investors about $100 million it received in 'exclusive payments' from IT giant Intel, in return for not using chips made by Intel's rival Advanced Micro Devices (AMD).
Michael Dell said in a statement that “We are pleased to have resolved this matter. We are committed to maintaining clear and accurate reporting of our periodic results, supporting our customers, and executing our growth strategies.”