Friday March 22, 2013
StanChart: Comment not accurate
The highly unusual retraction indicated US regulators had put pressure on the bank to clarify the comments following a high-profile settlement last year which cost Standard Chartered US$667mil.
Peace said on March 5 at a press conference with reporters that Standard Chartered “had no willful act to avoid sanctions.”
But in a statement yesterday, he said those comments were “both legally and factually incorrect” and he retracted them.
He said they directly contradicted the bank's acceptance of responsibility.
“To be clear, Standard Chartered Bank unequivocally acknowledges and accepts responsibility ... for past knowing and willful criminal conduct in violating US economic sanctions laws and regulations,” Peace said in the statement. Reuters