Chinese-controlled City bank preparing to pay up to $40m in UK fines over alleged wrongdoing from 2012-13ICBC Standard Bank,until recently the investment banking unit of South Africa’s Standard Bank, is preparing to pay up to $40m (£26.59m) in UK fines as part of the first deferred prosecution deal secured by the Serious Fraud Office.
The settlement relates to undisclosed alleged wrongdoing dating from 2012-13, or the South African lender said in a statement to investors. Both the SFO and ICBC Standard Bank will inquire a UK judge to approve the settlement.
Continue reading...
Source: theguardian.com