New York – Deutsche Bank A will pay nearly $ 125 million to avoid US lawsuits relating to corruption and manipulation of foreign precious metals markets. This is the latest blow to a bank trying to recover from a series of scandals.
Germany’s largest lender accepted the payment by entering into a three-year deferred litigation agreement with the US Department of Justice and a civil law agreement with the US Securities and Exchange Commission.
Almost all payments are said to refer to allegations that Deutsche Bank has violated the Federal Foreign Corrupt Practices Act (FCPA) in its transactions in Saudi Arabia, Abu Dhabi, China and Italy. Judicial documents. Almost two-thirds of the amount paid is good.
The rules were released Friday during a federal court hearing in Brooklyn, New York.
The United States said: “Deutsche Bank has put in place a criminal system to conceal the payments of so-called consultants around the world who acted as middlemen to bribe foreign officials and others” in order to win and maintain “profitable businesses” and keep interim attorney Seth Ducharme in Brooklyn in a relationship.
A spokesman for the bank said, “We are responsible for these previous measures” that occurred from 2008 to 2017 after comprehensive internal investigations and full cooperation with the authorities.
Five years of losses
Deutsche Bank is trying to restore profitability after five years of losses, including the abandonment of some companies and shrinking the workforce by 18,000.
He also sought to restore his image in Washington, amid several investigations into his relationship with his old client, US President Donald Trump.
Prosecutors accused Deutsche Bank of violating the Foreign Corrupt Practices Act and registry regulations that prohibit companies operating in the United States from paying bribes elsewhere.
They said the violations included covering bribes paid to the customer’s decision-maker in Saudi Arabia, such as costs of transferring and collecting millions of broker payments to an Abu Dhabi official. Abu Dhabi as an advisory fee.
The SEC also accused Deutsche Bank of making improper payments to a consultant to help set up a clean energy joint fund for a Chinese government agency and an Italian tax judge who brokered wealthy clients.
In the metals case, plaintiffs accused Deutsche Bank dealers of engaging in fraudulent transactions, known as plagiarism, by deceiving other traders into buying and selling futures contracts at prices they did not have. He will not have anything else.
In 2019, Deutsche Bank agreed to pay US $ 16.2 million to the US Securities and Exchange Commission (SEC) to resolve violations of the Foreign Corrupt Practices Act by appointing unskilled relatives of government officials in China and Russia to conduct or maintain business.