Deutsche Bank to pay fine to SEC to solve corruption investigation
The German institution agreed with the US commission to pay 16 million dollars for alleged violation of laws
Deutsche Bank agreed with the United States Securities and Exchange Commission (SEC) the payment of $ 16.2 million to resolve an investigation into the alleged violation of US corruption laws in the hiring of relatives of foreign government officials, mainly in China and Russia, without the German entity admitting or denying the facts.
Specifically, the agreement with the SEC implies the return of 10.78 million dollars with which Deutsche Bank would have been improperly enriched, in addition to 2.39 million dollars in interest and a fine of 3 million dollars.
“Between at least 2006 and 2014, Deutsche Bank provided valuable employment to relatives of foreign government officials in various parts of the world as a personal benefit for them, in order to improperly influence them to help the bank obtain or retain business or other benefits,“ says the US market supervisor.
The SEC considered the cooperation and corrective measures of Deutsche Bank to close the agreement, highlighting that the German bank shared information with the supervisor, responding promptly to the institution’s requirements.
K. Tovar
Source: Invertia
