Standard Bank’s $25m prosecution deal with UK Serious Fraud Office wraps up
03 Dec 2018

A three-year settlement deal reached between Britain’s Serious Fraud Office (SFO) and Standard Bank over bribery allegations has come to an end, British officials said.

SFO director Lisa Osofsky said she welcomed the “successful conclusion” of the agreement.

In November 2015, the two parties entered into a deferred prosecution agreement (DPA) in which Standard Bank, now known as ICBC Standard Bank, agreed to pay $25.2m in fines and disgorgement of profits, and $7m in compensation to the Tanzanian government.

The bank also agreed to cooperate with the SFO and disclose information about the activities of the individuals involved. In addition, it would be subject to an independent review of its anti-bribery controls regarding compliance.

The UK in turn agreed to suspend a charge that Standard Bank’s former sister company, Stanbic Bank Tanzania, had made a $6 million payment aimed at inducing Tanzanian government officials to favour Stanbic Tanzania and Standard Bank’s proposal for a US$600 million private placement, to be carried out on behalf of the Tanzania government.

The deal was the United Kingdom’s first DPA.

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