Standard Chartered admits inaccurate comments on US sanction

21st Mar 2013 09:04

Standard Chartered's Chairman John Peace has retracted his statement that his bank had "no willful act" to avoid US sanctions. In a press conference earlier this month, Peace addressed questions concerning individual employee conduct and compensation in light of the deferred prosecution agreements made with the US Department of Justice and the New York County District Attorney's Office in December 2012. He had told reporters that the company had no willful act to avoid sanctions as clerical mistakes were made."During that press conference, which took place via phone, I made certain statements that I very much regret and that were at best inaccurate," he said in a statement Thursday."My statement that Standard Chartered 'had no willful act to avoid sanctions' was wrong, and directly contradicts Standard Charterer's acceptance of responsibility in the deferred prosecution agreement and accompanying factual statement."He said the statement was both legally and factually incorrect.Standard Chartered paid $667m last year in relation to claims it violated US sanctions regarding Iran and three other countries.Peace added that the bank accepted responsibility for "past knowing and willful criminal conduct in violating US economic sanctions laws and regulations and related New York criminal laws".RD