27 Sep 2016
Standard Chartered (STAN.L) has referred allegations of impropriety at an Indonesian power company that the bank’s private equity arm invested in to the appropriate authorities, the bank said on Tuesday.
The Wall Street Journal earlier reported the bank faced an investigation by the U.S. Department of Justice into whether StanChart failed to stop alleged misconduct at MAXpower Group Pte Ltd, a power plant builder.
“Standard Chartered takes very seriously allegations of impropriety in any of our private equity investments. We proactively referred this matter to the appropriate authorities and have conducted our own review,” a spokesman for the bank said in an emailed statement.
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet