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Standard Bank pays $36.9M to SEC and UK regulator

Fine Amount: 
$36.9 million
Penalty Type: 
Issued by: 

The SEC has announced that Standard Bank, now ICBC Standard Bank Plc, has agreed to settle the SEC’s charges by paying a $4.2 million penalty and admitting the facts underlying allegations that it failed to disclose certain payments in connection with debt issued by the Government of Tanzania in 2013. The London-based bank acted as a lead manager for the offering and failed to disclose payments made by an affiliate to a Tanzanian firm that received a portion of the proceeds of the $600 million offering but performed no substantive role in the transaction. As part of a coordinated global settlement, the United Kingdom’s Serious Fraud Office also announced a settlement today in an action it brought against Standard in the U.K. for Standard’s violations of the U.K.’s Bribery Act of 2010. The Bribery Act of 2010 is similar to the United States’ Foreign Corrupt Practices Act (FCPA). The SEC did not have jurisdiction to bring charges under the FCPA because Standard was not an “issuer” as defined by that Act. Standard will pay a total of approximately $36.9 million in monetary relief in the SEC and U.K. actions.

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