Deutsche Bank entered into a deferred prosecution agreement with federal prosecutors who allege the bank violated anti-bribery laws while doing business abroad. The bank has agreed to pay more than $100 million in penalties, prosecutors announced Friday.
Deutsche Bank To Pay $130 Million To Settle US Investigations Deutsche Bank To Pay $130 Million To Settle US Investigations In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
The agreement took into account Deutsche Bank s cooperation with the probes. (File)
New York:
Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced Friday.
The bribery case relates to illegal payments and to false reporting of those sums on the bank s books and records between 2009 and 2016, the Department of Justice said in a press release.
NEW YORK (AP) Deutsche Bank agreed Friday to pay fines and penalties of more than $100 million to avoid a criminal prosecution on charges it participated in a foreign bribery scheme to win business in Saudi Arabia.
Lawyers for the bank, which has long ties to President Donald Trump, waived its right to face an indictment on conspiracy charges during a teleconference with a federal judge in New York City.
According to court papers, Deutsche Bank bribed intermediaries to make deals in Saudi Arabia, labeling the payments as “referral fees.” In one instance around 2012, the bank paid one of its fixers $1,087,538 and caused those payments to be falsely recorded in the company’s books, records and accounts,” the papers said.
Nearly all of the dollar value of the punishments to be announced Friday is tied to the allegation that Deutsche Bank employees violated the Foreign Corrupt Practices Act with dealings in China, Abu Dhabi, Saudi Arabia and Italy, according to the person, who declined to be identified speaking about regulatory matters.
That accounts for about $123 million in fines paid to the Justice Department and the Securities and Exchange Commission, the person said. The bank is also paying $1.9 million to the DOJ tied to spoofing in the metals markets, a figure that gives the bank credit for an earlier settlement with the Commodity Futures Trading Commission.
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Deutsche Bank to pay US$100 million to avoid bribery charge
FILE PHOTO: The logo of Deutsche Bank is pictured on a company s office in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photo
09 Jan 2021 03:51AM Share this content
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NEW YORK: Deutsche Bank agreed Friday (Jan 8) to pay fines and penalties of more than US$100 million to avoid a criminal prosecution on charges it participated in a foreign bribery scheme to win business in Saudi Arabia.
Lawyers for the bank, which has long ties to President Donald Trump, waived its right to face an indictment on conspiracy charges during a teleconference with a federal judge in New York City.