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Standard Bank to pay $32.6m over Tanzania bribery scandal

Discussion in 'Market News' started by Lily, Nov 30, 2015.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    South African bank agrees to pay sum for former London unit – now known as ICBC Standard Bank – in UK’s first deferred prosecution agreement

    A former unit of South Africa’s Standard Bank based in London has agreed to pay $32.6m (£21.7m) in fines and repayments of bribes and profits following an alleged bribery scandal in Tanzania.

    The high court in London heard how the bank’s division had agreed to the payments in exchange for the Serious Fraud Office (SFO) offering it the UK’s first deferred prosecution agreement if conditions are met.

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