ICBC Standard Bank failed to prevent bribery at Tanzanian unit - SFO

[RUCCI]

UK-based ICBC Standard Bank Plc failed to prevent bribery at a Tanzanian business in 2012-13, a London court was told on Monday, as part of an expected plea deal between the financial markets bank and Britain's fraud office.

ICBC Standard Bank and the Serious Fraud Office (SFO) are expected to secure in the High Court hearing later on Monday a deferred prosecution agreement (DPA), the first of its kind in Britain, after the SFO sets out the details of the case.

Introduced into English law last year, a DPA is a court-approved deal under which a company charged with wrongdoing agrees to various sanctions that can include a fine and additional supervision, in return for legal proceedings being suspended.

Edward Garnier, the lawyer acting on behalf of the SFO, said the bank failed to prevent bribery by two executives at Stanbic Bank Tanzania Ltd.

The bank faces penalties of $32.2 million (?21.5 million), including a $16.8 million fine to be paid to the SFO, a $6 million fine plus interest of over $1 million to be paid to the government of Tanzania and $8.4 million in disgorgement of profits, Garnier said.

He said the case relates to a $6 million bribe related to a private placing of sovereign notes to raise funds for the government of Tanzania.

A local firm that received the $6 million was a 'consultancy' and the money was withdrawn in large amounts of cash days later. The cash has not been traced, Garnier said.

He said Senior Tanzanian officials were involved and the country's own anti-corruption agency was investigating.

The two executives involved were Bashir Awale, who was sacked in August 2013 for failing to cooperate with an internal investigation, and Shose Sinare, who resigned in June 2013 and thus avoided investigation, Garnier said.

London-based ICBC Standard Bank is now 60 percent-owned by Industrial and Commercial Bank of China (ICBC) and 40 percent-owned by South Africa's Standard Bank Group (SBKJ.J).

The SFO case centres on events that took place before ICBC bought its controlling stake.

ICBC Standard Bank specialises in global commodities, fixed income, currencies and equities. The firm was originally a wholly owned London subsidiary of South Africa's Standard Bank, which sold the 60 percent stake to ICBC in February this year.

The new DPA procedure is seen as a potentially useful tool for British law enforcers to tackle corporate wrongdoing in a jurisdiction where prosecuting companies has proved very costly and complex.

Source:Reuters

 

[mtanzania1989]

He said Senior Tanzanian officials were involved and the country's own anti-corruption agency was investigating.

The two executives involved were Bashir Awale, who was sacked in August 2013 for failing to cooperate with an internal investigation, and Shose Sinare, who resigned in June 2013 and thus avoided investigation, Garnier said.
Source:Reuters

Huyo Shose Sinare, ana uhusiano wowote na Sinare aliyepewa ubunge wa viti maalum na Lowasa ?

 

[Petro E. Mselewa]

Kumekucha! Escrow is back

 

[HEKIMA KWANZA]

Huyo Shose Sinare, ana uhusiano wowote na Sinare aliyepewa ubunge wa viti maalum na Lowasa ?

Na huyo Bashir Awale si ndio yule Mkenya wa Lowassa aliyetimulia nchini siku chache zilizopita?

 

[Erwin Rommel]

Yeah! Escrow is back. Be afraid!

 

[Ndalama]

I cant predict where we are heading to, we might find an expected people are implicated in this scandal, God guide our president and protect him he is passing through a very difficult path

 

[mtanzania1989]

Na huyo Bashir Awale si ndio yule Mkenya wa Lowassa aliyetimulia nchini siku chache zilizopita?

Yah mkuu HEKIMA KWANZA, inaonekana Lowasa alikuwa amezungukwa na majambazi tu, na wote hawa angeshinda ndio wangepewa sehemu nyeti sababu ndio wapambe wenyewe sasa. Ngoja manyumbu waje kumtetea Bashir Awale hapa

 

[MsemajiUkweli]

Bashir Awale na Shose Sinare ni washauri wa karibu wa Lowassa.

Nchi yetu imeepuka majanga sana!

God still loves Tanzania!

 

[njeeseka]

Haaaaaaaaaaa

 

[Jozi 1]

Na huyo Bashir Awale si ndio yule Mkenya wa Lowassa aliyetimulia nchini siku chache zilizopita?

Na jamaa alikuwa anaitwa mzalendo, mpenda mabadiliko.
Aibu sana.

 

[Ghosryder]

Yah mkuu HEKIMA KWANZA, inaonekana Lowasa alikuwa amezungukwa na majambazi tu, na wote hawa angeshinda ndio wangepewa sehemu nyeti sababu ndio wapambe wenyewe sasa. Ngoja manyumbu waje kumtetea Bashir Awale hapa

Kweli Mungu ni wa ajabu!

 

[njeeseka]

Hivi yule mzee wa kuona nyeti za kuku yupo? Mwiteni aje alete mrejesho...kauli yake naona sasa ina maana

 

[Quinine]

Escrow lazima iondoke na kigogo hata mmoja.

 

[eddy]

Bashir Awale na Shose Sinare ni washauri wa karibu wa Lowassa.

Nchi yetu imeepuka majanga sana!

God still loves Tanzania!

Ndo huyu sanare aliyetutupia kadi ya ccm? maweeee!

 

[The Khoisan]

Huyu Shose Sanare si alikuwa Miss Tanzania in late 90s!!?

 

[njeeseka]

Haaaaaaaa sanare na yule aliyeita vyombo vya habari kujitoa .....ikoje?

 

[Paulo]

Huyo Shose Sinare, ana uhusiano wowote na Sinare aliyepewa ubunge wa viti maalum na Lowasa ?

Noooo...Yule wa Lowassa anaitwa Hawa Sinare....Huyu ni Shose Sinare, ambaye amewahi kuwa Miss Tanzania..Kwanza pesa akina Shose walizokusanya sio USD 6m bali ni USD 600m. Na walizikabidhi serikalini ambapo waziri wa fedha kipindi hicho aliyezipokea ni Mgimwa...Pesa zilikabidhiwa kwa serikali ya JK ila njia ambayo serikali ilitumia kutafuta pesa kwenye masoko ya hisa kupitia hiyo bank ndio iliyokua haramu...
Pitia uzi huu kwa habari yenyewe,...
http://michuzijr.blogspot.com/2013/04/stanbic-bank-and-tanzania-in-usd600m.html

 

[MkamaP]

Ha ha ha ha Escrow, SFO watakuwa wamewasingizia hao ankina Sinare ni mambo ya politics kulipa kisasi. Kwi kwi kwi kwi

Mabidiliko-L, L mabadiliko. Ha ha ha ha sijui huyu jamaa aliwaloga je hadi kuimba hivyo.

 

[mtanzania1989]

Noooo...Yule wa Lowassa anaitwa Hawa Sinare....Huyu ni Shose Sinare, ambaye amewahi kuwa Miss Tanzania..Kwanza pesa akina Shose walizokusanya sio USD 6m bali ni USD 600m. Na walizikabidhi serikalini ambapo waziri wa fedha kipindi hicho aliyezipokea ni Mgimwa...Pesa zilikabidhiwa kwa serikali ya JK ila njia ambayo serikali ilitumia kutafuta pesa kwenye masoko ya hisa kupitia hiyo bank ndio iliyokua haramu...
Pitia uzi huu kwa habari yenyewe,...
http://michuzijr.blogspot.com/2013/04/stanbic-bank-and-tanzania-in-usd600m.html

Paulo, hiyo $6m ni rushwa tu iliyotembezwa na hao private investor kwa watumishi wa Stanbic.
Mimi ningependelea kujua upande wa serikali umeathirika vipi, je masharti ya hiyo fund ni mabaya au kulikuwa hakuna uhahitaji wa fund ila wakajitengenezea tu ka project kao ili wapate 10% au ni nini haswa ambacho Serikali ya Tz imeathirika ?
Inabidi tujifunze na tujue uhalisia tumepigwa wapi na sio kulalamika tu tumeibiwa $600m, kumbe kuna wajanja wa mjini wamepiga 10$ zao tu, ila serikali ya Tz haijapigwa chochote. Naamini kuna wataalam huku wa hayo mambo watatupa maelezo ya yanayoeleweka.
Nimeona wanasiasa, mahsusi Zitto ameanza kupigia kelele hili swali, nadhani ni muda muafaka wa Stanbic kupewa adhabu ya fundisho hapa Tz, Escrow waliponyeka, hii ndiyo njia pekee ya kufanya bank ziogope kufanya madili machafu ila kama tuta dili na watu mahsusi ili suala litakuwa kila siku linatokea benki moja moja hadi itakuwa ndio fashion ya mjini, unapiga pesa ndefu kama Bashir Awale halafu unarudi mtaani huku kutufundisha kuleta "mabadiliko"

 

[mtanzania1989]

Noooo...Yule wa Lowassa anaitwa Hawa Sinare....Huyu ni Shose Sinare, ambaye amewahi kuwa Miss Tanzania..Kwanza pesa akina Shose walizokusanya sio USD 6m bali ni USD 600m. Na walizikabidhi serikalini ambapo waziri wa fedha kipindi hicho aliyezipokea ni Mgimwa...Pesa zilikabidhiwa kwa serikali ya JK ila njia ambayo serikali ilitumia kutafuta pesa kwenye masoko ya hisa kupitia hiyo bank ndio iliyokua haramu...
Pitia uzi huu kwa habari yenyewe,...
http://michuzijr.blogspot.com/2013/04/stanbic-bank-and-tanzania-in-usd600m.html

Paulo, hiyo $6m ni rushwa tu iliyotembezwa na hao private investor kwa watumishi wa Stanbic.
Mimi ningependelea kujua upande wa serikali umeathirika vipi, je masharti ya hiyo fund ni mabaya au kulikuwa hakuna uhahitaji wa fund ila wakajitengenezea tu ka project kao ili wapate 10% au ni nini haswa ambacho Serikali ya Tz imeathirika ?
Inabidi tujifunze na tujue uhalisia tumepigwa wapi na sio kulalamika tu tumeibiwa $600m, kumbe kuna wajanja wa mjini wamepiga 10$ zao tu, ila serikali ya Tz haijapigwa chochote. Naamini kuna wataalam huku wa hayo mambo watatupa maelezo ya yanayoeleweka.
Nimeona wanasiasa, mahsusi Zitto ameanza kupigia kelele hili swali, nadhani ni muda muafaka wa Stanbic kupewa adhabu ya fundisho hapa Tz, Escrow waliponyeka, hii ndiyo njia pekee ya kufanya bank ziogope kufanya madili machafu ila kama tuta dili na watu mahsusi ili suala litakuwa kila siku linatokea benki moja moja hadi itakuwa ndio fashion ya mjini, unapiga pesa ndefu kama Bashir Awale halafu unarudi mtaani huku kutufundisha kuleta "mabadiliko"