U.K. SFO Poised for First Plea Deal With ICBC Standard Bank
- SFO says Judge Leveson has approved deal in principle
- Agency will seek final agreement Monday in London court
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The U.K. Serious Fraud Office is seeking to enter into a plea agreement with ICBC Standard Bank Plc, marking the first deferred prosecution agreement the agency has issued since receiving new powers last year.
The deal, which was approved in principle in a private hearing with Judge Brian Leveson, will go before a London court Monday for final approval, the SFO said in a statement Thursday. The U.K. prosecutor hasn’t disclosed what the bank has done wrong to warrant the agreement, while ICBC said it expects to settle for less than $40 million.