Standard Chartered acknowledged Tuesday it was being investigated by the US Department of Justice over claims that an Indonesian subsidiary had paid bribes to secure contracts. The London-based, Asia-focused bank said in a statement that it had referred the matter to the "appropriate authorities" and launched its own review.
The Wall Street Journal newspaper said that an internal audit at Indonesian energy company Maxpower Group found evidence of possible bribery and US prosecutors were examining whether Standard Chartered was culpable for not stopping it. "Standard Chartered takes very seriously allegations of impropriety in any of our private equity investments," the bank told AFP in a statement when asked about the report. "We proactively referred this matter to the appropriate authorities and have conducted our own review.
"When we receive allegations of improper behaviour in an investee company, we pursue those allegations vigorously and act appropriately, including sharing information and co-operating fully with government authorities and addressing any issues of internal conduct and accountability."
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