Friday, October 23, 2020

Ex-employees of ICBC bank Madrid branch jailed in money laundering case

-

Four ex-employees and executives of the Industrial and Commercial Bank of China’s (ICBC) Madrid branch reached a plea deal with Spanish prosecutors in a money-laundering case and accepted prison terms of between three and five months.

The prosecutor’s office said on Tuesday the accused also agreed to pay a fine totaling 22.7 million euros ($25.55 million) as part of the deal to settle the case.

In 2016 Spain’s judiciary began investigating the European management of ICBC as part of an inquiry into the alleged laundering of hundreds of millions of euros through the Madrid branch of the Chinese banking giant.

“The defendants have accepted the qualification (of the crime as money-laundering) and the sentences, which has allowed the prosecutor and the defence to ask the Court to ratify the agreement in a verdict,” the prosecutor’s office said in a statement. Without naming the accused, it said that Spain’s High Court held a hearing on the case on Monday.

- Advertisement -

A spokesman for the court said that the judge would have to ratify the agreement, which was considered a formality.

Under Spanish law, a prison sentence of less than two years does not usually lead to serving any time behind bars unless there are previous criminal records.

In 2017 a Reuters investigation, based on confidential case submissions and interviews with investigators and former ICBC employees, showed how a long-running Spanish inquest into alleged Chinese organised crime networks eventually led police to raid ICBC’s Madrid branch in early 2016.

Spanish judicial officials told Reuters that between 2011 and 2013, ICBC’s Madrid branch transferred about 225 million euros (£202.98 million) to China, most of it for suspected criminal networks.

- Advertisement -

ICBC said at the time that it was a “law-abiding company” and cooperating with Spanish authorities.

MUST READ

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...
Advertisement
Advertisement

Latest News

This Week

Crown Resorts chairman Helen Coonan admits casino ‘enabled’ money laundering

Crown Resorts chairman Helen Coonan has conceded the casino giant facilitated money laundering at its Melbourne casino, but blamed it on "ineptitude" rather than...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Billionaire Robert Smith to Pay $140 million after admitting to tax evasion

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax...

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks