ICBC Standard Bank is to pay fines of $ 25.2 m to Standard Bank and $7m to the Tanzanian government for failing to prevent bribery. A $6m payment was made by two executives employed by a former sister company of the UK Treasury , Stanbic Bank Tanzania, in March 2013 , to Enterprise Growth Market Advisors; regulators say the payment was to bribe members of the Tanzanian government to show favour to Stanbic Tanzania .
ICBC Standard Bank is to pay fines of $25.2m to the UK Treasury and $7m to the Tanzanian government for failing to prevent bribery. A $6m payment was made by two executives employed by a former sister company of Standard Bank, Stanbic Bank Tanzania, in March 2013, to Enterprise Growth Market Advisors; regulators say the payment was to bribe members of the Tanzanian government to show favour to Stanbic Tanzania.