HoHoHo: Rogue bank kanna fined again

(Updated on 10 April at 5am:  StanChart will pay US and UK authorities US$1.1bn to settle charges that it violated sanctions and ignored red flags about its customers: more than expected. It’s deferred prosecution deal with the US marshals extended until 2021. Ho Ho Ho.)

Standard Chartered is bracing itself for a bumper fine this week that could total hundreds of millions of pounds as it settles US charges over Iranian sanctions violations.

The London-headquartered but Asia-focused bank is expected to draw a line under a long-running investigation into sanctions busting by Wednesday when a six-year deferred prosecution agreement (DPA) with US authorities is set to expire.

DPAs allow firms to settle charges with state authorities without facing criminal prosecution. The companies must agree to specified conditions, which can include a fine and their conduct being monitored for a set period.

https://www.theguardian.com/business/2019/apr/07/standard-chartered-readies-for-huge-us-fine-over-iranian-activities

Related posts:

StanChart: Yet more problems for “rogue bank”

HO Ho Ho: What Temasek forgot when it bot into StanChart

HoHoHo: Time for StanChart’s CEO to go?

HoHoHo: StanChart’s CEO is worse than our paper generals

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor

 

 

 

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6 Responses to “HoHoHo: Rogue bank kanna fined again”

  • Asd:

    People say its long term… so i think there is no need for p n l till long long term…

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  • TL Tan:

    StanChart has long provisioned for this already (ie. put aside previous years profits). This $1 billion amount does not affect its CURRENT profitability, or its solvency and capital ratios. The financial markets have also discounted this also and since they are forward looking, StanChart’s share price will do well since this is out of the way. The bank’s economic fundamentals remain sound.

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  • rukidding:

    Thanks for the “reminder” that Temasick is “sick” and “dangerously investing blindly”….more like tikam tikam…what a shame !

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  • HarderTruths:

    I bet pappy will buy the stock now – with CPF money.

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  • LIONS:

    STANCHART was among first few banks to replace sgs with FTs.
    there were lots of indianFTs n PEEnoise too.

    the OUTCOME OF FTs…
    LOL FT POleeCY ,POW SEE (SURE DIE) ONE!

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  • Hoseh liao:

    Oh-oh, here we go again….more tweaking of our CPF funds.

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