Tanzania: ICBC Standard Bank in deferred prosecution agreement


Issue 314 - 17 Dec 2015 | 1 minute read

ICBC Standard Bank has agreed to pay fines in the UK and US for failing to prevent a former affiliated bank from trying to bribe officials in Tanzania. Lord Justice Leveson at Southwark Crown Court on 30 November approved the first application by the UK Serious Fraud Office (SFO) to use a deferred prosecution agreement to end an investigation. The bank agreed to pay a fine of $25.2m and a further $7m in compensation to the government of Tanzania. The $25.2m penalty consisted of a $16.8m fine and $8.4m in disgorgement of profits, the SFO said.

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