A former London-based unit of Standard Bank has agreed to pay £21.7m ($32.6m) in fines and repayments of bribes and profits, following allegations of a bribery scandal in Tanzania; the payments are in exchange for the Serious Fraud Office (SFO) offering it Britain's first deferred prosecution agreement (DPA), if conditions are met. The scandal is also subject to an investigation in Tanzania and with the US Securities and Exchange Commission (SEC). Whilst the bill for the DPA will be paid by Standard Bank, it no longer controls the London unit; 60% of the stake was sold to China's ICBC the next three years, and renamed ICBC Standard Bank.
A former London-based unit of Standard Bank has agreed to pay £21.7m ($32.6m) in fines and repayments of bribes and profits, following allegations of a bribery scandal in Tanzania; the payments are in exchange for the Serious Fraud Office (SFO) offering it Britain's first deferred prosecution agreement (DPA), if conditions are met. The scandal is also subject to an investigation in Tanzania and with the US Securities and Exchange Commission (SEC). Whilst the bill for the DPA will be paid by Standard Bank, it no longer controls the London unit; 60% of the stake was sold to China's ICBC last year, and renamed ICBC Standard Bank.