Standard Chartered was to meet Britain’s Financial Conduct Authority this week over allegations of corruption at an Indonesian power plant company majority-owned by its private equity arm, a source familiar with the matter said on Monday.
The bank in September last year told U.S. authorities about alleged misconduct at MAXpower Group Pte Ltd, which builds and operates gas-fired power plants in Southeast Asia.
A spokesman for StanChart declined to comment, while MAXpower could not immediately be reached.
The bank said in a statement last September that it was taking the allegations seriously and had proactively reported them to the appropriate authorities.
A whistleblower at the Indonesian company has alleged employees paid bribes to win business and that Standard Chartered executives on MAXpower’s board failed to prevent it, the Wall Street Journal reported on Monday, citing legal documents.
(Reporting by Lawrence White; Editing by Rachel Armstrong and Alexander Smith)
Was this article valuable?
Here are more articles you may enjoy.
Stellantis Tells Owners of 1.3 Million Jeeps to Park Outside Over Fire Concerns 
Storage Shed Caused Nashville Parking Garage Fire, Travelers Says in $10M Subro Suit 
Oil Tankers Go Dark to Sneak More Barrels of Oil Through Hormuz 
Claimants of 23andMe Data Breach to Get $46.75M in Settlement Deal 
