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IBM yesterday admitting that the Securities and Exchange Commission (SEC) is investigating how the company accounted for a proportion of its revenue in 2000 and 2001.

In a statement, IBM said that it "believes that the investigation arises from a separate investigation by the SEC of a customer of IBM's Retail Store Solutions unit", which markets and sells point-of-sale products.

"The SEC specifically advised IBM that this is a fact-finding investigation and that it has not reached any conclusions related to this matter. IBM has been co-operating fully with the SEC and will continue to do so," the company added.

IBM share price fell following news of the inquiry. Although previous SEC probes into IBM's books have come to nowt, the markets remain jittery as the Enron affair continues to cast its shadow over Wall Street. ®

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