ICBC Standard Bank failed to prevent bribery at Tanzanian unit - SFO - CNBC Africa

ICBC Standard Bank failed to prevent bribery at Tanzanian unit - SFO

East Africa

by Reuters 0

ICBC Standard Bank failed to prevent bribery at Tanzanian unit. Photo: Flickr

ICBC Standard Bank failed to prevent bribery at its Tanzanian unit in 2012-13, a London court was told on Monday in a hearing about a deferred prosecution agreement between the bank and Britain's Serious Fraud Office.

Edward Garnier, the lawyer acting on behalf of the SFO, said the bank had failed to prevent bribery by two executives at Stanbic Bank Tanzania Ltd, in a statement read to the court.

The deferred prosecution agreement (DPA), the first of its kind in Britain, is expected to be approved by the High Court later in the hearing, after the SFO sets out the details of the case.

London-based ICBC Standard Bank is 60 percent-owned by Industrial and Commercial Bank of China (ICBC) and 40 percent-owned by South Africa's Standard Bank Group.

The SFO case centres on events that took place in 2012 and 2013, before ICBC bought its controlling stake.

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