Deutsche Bank to pay USD130M to settle US probes

NEW YORK (AFP) – Deutsche Bank will pay USD130 million to settle a foreign bribery probe and fraud charges in precious metals trading, United States (US) officials announced on Friday.

The bribery case relates to illegal payments and to false reporting of those sums on the bank’s books and records between 2009 and 2016, the Department of Justice (DOJ) said in a press release.

The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over USD1 million to a decision maker, the DOJ said.

In another case, the bank paid more than USD3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.

File photo shows a pedestrian walking past a logo outside the offices of German bank Deutsche Bank in central London. PHOTO: AFP