Federal prosecutors are expected to announce that Deutsche Bank has violated anti-bribery laws by trying to close deals in places like China, according to a person familiar with the matter.
Deutsche Bank must agree to pay more than $ 100 million to settle the charges and enter a so-called deferred settlement agreement in Brooklyn federal court on Friday, said the person, who spoke on condition of anonymity because the settlement it had not been announced.
Such a deal would be the last black eye for Deutsche Bank, which has been repeatedly penalized in recent years for its involvement in money laundering and for violating international sanctions. The German bank in 2019 agreed to pay the Securities and Exchange Commission $ 16 million to settle claims that it used corrupt means to win business in China and Russia.
The New York Times reported in 2019 that Deutsche Bank for years gave Chinese leaders expensive gifts and paid millions of dollars to politically connected consultants while the bank tried to raise its profile and close profitable deals in China.
A deal between Deutsche Bank and the Justice Department would resolve a lengthy investigation just days before President Trump stepped down. For the past two decades, the German bank has been Trump’s main creditor; he currently owes Deutsche Bank more than $ 300 million.
This is a developing story. Check back for updates.