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StanChart to meet Britain’s financial watchdog over Indonesia probe

 | September 12, 2017

The bank in September last year told US authorities about alleged misconduct at MAXpower Group Pte Ltd, which builds and operates gas-fired power plants in Southeast Asia.

standard-charteredLONDON: Standard Chartered will 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 US 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.


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