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Standard Chartered Said to Tell U.S. of Alleged MAXpower Bribery
- Bank said to have passed on information from MAXpower auditors
- Standard Chartered installed new MAXpower directors last year
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Standard Chartered Plc informed the U.S. Department of Justice about allegations of bribery involving MAXpower Group Pte, an Indonesian power company in which its private-equity division is a minority shareholder, according to a person familiar with the matter.
The London-based bank passed on the information after MAXpower’s auditors uncovered what may be inappropriate payments totaling $750,000, said the person, who asked not to be identified as the matter is not public. Further details aren’t available, the person said.