JP Morgan Chase to pay $264m over Chinese 'princelings' bribery scheme

China 0 Comment 2

  • Settlement with US regulators follows three-year corruption investigation
  • Bank hired children of Chinese officials to secure Asia-Pacific business

JP Morgan Chase agreed to pay $264m on Wednesday to settle charges that it employed well-connected Chinese “princelings” in order to win business in the Asia-Pacific region.

The settlement with US regulators comes after a three-year investigation into a vast foreign bribery scheme that violated the Foreign Corrupt Practices Act (FCPA). It could be the first of several such deals with Wall Street banks.

Related: JP Morgan Chase to pay $307m for steering investors toward own products

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Source: china
Link : JP Morgan Chase to pay 4m over Chinese ‘princelings’ bribery scheme

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