Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Deutsche Bank to pay $16m to settle US 'princelings' case
Source: The Guardian
Deutsche Bank to pay $16m to settle US ‘princelings’ case
Regulator had said it corruptly hired unqualified relatives of foreign officials to win business
Shane Hickey
Fri 23 Aug 2019 13.59 BST Last modified on Fri 23 Aug 2019 15.22 BST
Deutsche Bank has agreed to pay a $16m (£13m) fine to US authorities overallegations that it hired unqualified relatives of powerful Russian and Chinese government officials to win business.
The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had used false books to record the hirings, which meant the relatives – known in China as “princelings” – did not have to go through rigorous interview processes.
In one case, the son of an executive from a Russian state-owned company was transferred from Moscow to London but failed to turn up to work, cheated in an exam and was described as a liability.
The SEC alleged that the hiring of poorly qualified relatives was in violation of the Foreign Corrupt Practices Act. Deutsche Bank did not admit or deny the findings under the settlement.
-snip-
Regulator had said it corruptly hired unqualified relatives of foreign officials to win business
Shane Hickey
Fri 23 Aug 2019 13.59 BST Last modified on Fri 23 Aug 2019 15.22 BST
Deutsche Bank has agreed to pay a $16m (£13m) fine to US authorities overallegations that it hired unqualified relatives of powerful Russian and Chinese government officials to win business.
The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had used false books to record the hirings, which meant the relatives – known in China as “princelings” – did not have to go through rigorous interview processes.
In one case, the son of an executive from a Russian state-owned company was transferred from Moscow to London but failed to turn up to work, cheated in an exam and was described as a liability.
The SEC alleged that the hiring of poorly qualified relatives was in violation of the Foreign Corrupt Practices Act. Deutsche Bank did not admit or deny the findings under the settlement.
-snip-
Read more: https://www.theguardian.com/business/2019/aug/23/deutsche-bank-to-pay-16m-us-princelings-case
1 replies
= new reply since forum marked as read
= new reply since forum marked as read