27th Sep 2016 11:49
LONDON (Alliance News) - The US Justice Department is investigating Standard Chartered PLC over allegations that an Indonesian power company controlled by the London-based bank paid bribes to win contracts, the Wall Street Journal reported citing people familiar with the investigation.
An internal audit at Maxpower Group Pte Ltd, a power-plant builder in Southeast Asia, found evidence of possible bribery and other misconduct, findings that were echoed in a separate review by a law firm hired by Maxpower.
US prosecutors are looking into whether Standard Chartered is culpable for not stopping the alleged misconduct. Maxpower's chief executive worked at Standard Chartered until last year, and the bank holds three seats on the power company's board.
Copyright RTT News/dpa-AFX
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