Standard Chartered said it was being investigated by the US Department of Justice over claims that an Indonesian subsidiary had paid bribes to secure contracts.
The London-based but Asia-focused bank said it had referred the matter to the “appropriate authorities” and launched its own review.
The Wall Street Journal newspaper said that an internal audit at Indonesian energy company Maxpower Group found evidence of possible bribery and US prosecutors were examining whether the bank was culpable for not stopping it.
Two years ago I wrote Double confirm StanChart’s rogue bank & PAP apologist is a fool
Remember a “PAP is always right” man KPKBing when StanChart was charged that the reulator was a “rogue regulator”. StanChart then made the dean of LKY School look dumb, really dumb, by pleading guilty.
Double confirm that StanChart is a rogue bank and the PAP apologist is a fool because now: The management of Standard Chartered is facing renewed pressure after being placed under fresh scrutiny by US regulators.
Two years after being fined more than £400m for breaching US sanctions towards Iran, the bank revealed that a two-year deferred prosecution agreement (DPA) that was imposed at the time was being extended for three years.
The US authorities are now investigating whether Standard Chartered breached its sanctions rules beyond 2007, the period when the previous offences for which the bank was penalised took place.