Credit Suisse's Hong Kong unit ordered to pay $369.08m to settle hiring corruption probe

The bank reportedly made preferential hires to win business.

Reuters reports that the US Department of Justice has mandated the Hong Kong unit of Credit Suisse to pay $369.08m (US$47.03m) criminal fine and enter a non-prosecution agreement over claims that it awarded jobs to family and friends of Chinese and other government officials.

Credit Suisse will also pay $243.03m (US$29.82m) to settle related U.S. Securities and Exchange Commission civil claims.

The Swiss banking giant was accused of violating the Foreign Corrupt Practices Act by hiring and promoting dozens of people connected with Asian government officials from 2007 to 2013 with authorities claiming that several of the hires had less than ideal qualifications.

“Trading employment opportunities for less-than-qualified individuals in exchange for lucrative business deals is an example of nepotism at its finest,” William Sweeney, assistant director-in-charge of the Federal Bureau of Investigation’s New York office, said in a statement.

Here’s more from Reuters:

Also Read

Mizuho expands mid-term finance emission targets

China’s investment banking fees drop 25% in 9M 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit