Deutsche Bank: corruption case settled in the US
(CercleFinance.com) - Deutsche Bank has agreed to pay more than 16 million euros for the settlement of a case in which the US courts accused the German bank of corrupting several politicians in Asia and Russia in exchange for contracts, as announced by the Securities and Exchange Commission (SEC) on Thursday.
In detail, the Frankfurt-based bank will have to pay 10.8 million dollars in restitution of profits, 2.4 million dollars in prejudgment interest and 3 million dollars in civil penalties.
According to the SEC, the facts date back to 2006-2014, a period during which Deutsche Bank did not hesitate to recruit relatives of members of several foreign governments to ensure that certain contracts were won or retained.
The scheme led the bank to hire people who were often "unqualified," who did not have to pass the long and tedious recruitment process that new recruits usually have to complete, the SEC said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In detail, the Frankfurt-based bank will have to pay 10.8 million dollars in restitution of profits, 2.4 million dollars in prejudgment interest and 3 million dollars in civil penalties.
According to the SEC, the facts date back to 2006-2014, a period during which Deutsche Bank did not hesitate to recruit relatives of members of several foreign governments to ensure that certain contracts were won or retained.
The scheme led the bank to hire people who were often "unqualified," who did not have to pass the long and tedious recruitment process that new recruits usually have to complete, the SEC said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.