A nine-year scheme comes to an end. German Bank Deutsche will pay out nearly $125 million to avoid U.S prosecution on charges of foreign bribery and manipulation of precious metals markets. According to the charges the bank violated the federal Foreign Corrupt Practices Act over its dealings in Italy, Saudi Arabia, Abu Dhabi and China.
The bank has agreed to pay out the fine under its three year prosecution agreement with the US Department of Justice and a related civil settlement with the US Securities and Exchange Commission. The violations occurred from 2008 to 2017.
“We take responsibility for these past actions,” a bank spokesman said.
Following the prosecution, the bank has been trying to restore their profitability after five years of losses. There have been several investigations into the bank’s relationship with a longtime client President Donald Trump, Reuters reported.
Following the recent Trump-incited Capitol riots which resulted in the death of 5 people, Deutsche Bank said they will no longer do future business with him. The Trump Organization has an outstanding loan of US$340 million with the bank.
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