Standard Chartered admits inaccurate comments on US sanction

Standard Chartered's Chairman John Peace has retracted his statement that his bank had "no willful act" to avoid US sanctions.

Standard Chartered's Chairman John Peace has retracted his statement that his bank had "no willful act" to avoid US sanctions.

In a press conference earlier this month, Peace addressed questions concerning individual employee conduct and compensation in light of the deferred prosecution agreements made with the US Department of Justice and the New York County District Attorney's Office in December 2012.

He had told reporters that the company had no willful act to avoid sanctions as clerical mistakes were made.

"During that press conference, which took place via phone, I made certain statements that I very much regret and that were at best inaccurate," he said in a statement Thursday.

"My statement that Standard Chartered 'had no willful act to avoid sanctions' was wrong, and directly contradicts Standard Charterer's acceptance of responsibility in the deferred prosecution agreement and accompanying factual statement."

He said the statement was both legally and factually incorrect.

Standard Chartered paid $667m last year in relation to claims it violated US sanctions regarding Iran and three other countries.

Peace added that the bank accepted responsibility for "past knowing and willful criminal conduct in violating US economic sanctions laws and regulations and related New York criminal laws".

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021