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Violation Tracker UK Individual Case

Company: ICBC Standard Bank Plc
Current Parent CompanyIndustrial and Commercial Bank of China
Parent at the Time of the Penalty Announcement: Industrial and Commercial Bank of China
Penalty: £21,730,000
Year: 2015
Date: 30 November, 2015
Offence Group: competition-related offences
Offence Type: bribery
Violation Description: The Serious Fraud Office's first application for a Deferred Prosecution Agreement was approved by Lord Justice Leveson at Southwark Crown Court, sitting at the Royal Courts of Justice. The counterparty to the DPA, Standard Bank Plc (now known as ICBC Standard Bank Plc), was the subject of an indictment alleging failure to prevent bribery contrary to section 7 of the Bribery Act 2010. This indictment, pursuant to DPA proceedings, was immediately suspended. As a result of the DPA, Standard Bank was to pay financial orders of US$25.2 million and was required to pay the Government of Tanzania a further US$7 million in compensation. The bank also agreed to pay the SFO's reasonable costs of £330,000 in relation to the investigation and subsequent resolution of the DPA.
Action Type: agency action
Settlement Type: deferred prosecution agreement
Agency: Serious Fraud Office
HQ Country of Parent: China
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking
Source of Data(click here)
Source Notes: The U.S. dollar amounts in the penalty order are converted to pounds in the penalty amount above.