ICBC Standard Bank to pay US$37m in bribery plea deal

London

ICBC Standard Bank plc agreed to pay nearly US$37 million and enter into a British financial regulator's first deferred prosecution agreement (DPA) to end probes into bribery of officials in Tanzania.

The accord marks the first time that Britain's Serious Fraud Office (SFO) has used a DPA, which typically lets a company avoid prosecution if it pays a fine and implements compliance measures.