R500m in Fines for Standard Bank


R500m in Fines for Standard Bank

It was reported that Standard Bank Group Limited will have to pay UK and US regulators $37 million, which is R532 million in fines after its global markets business, ICBC Standard Bank PLC failed to prevent bribery by two Stanbic Bank Tanzania executives.

In February of 2015, ICBC acquired 60% of Standard Bank PLC ordinary shares.

Standard Bank Group protected ICBC in terms of the sale against the cost of such resolutions and is then liable to pay – Read more