The Securities and Exchange Commission has announced that Credit Suisse Group AG will pay approximately $30 million to resolve allegations that it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of the Foreign Corrupt Practices Act.
The allegations center on Credit Suisse (Hong Kong) Limited (CSHK), a Hong Kong-based subsidiary of Credit Suisse Group AG, a Swiss-based issuer of publicly traded securities in the United States. Credit Suisse also agreed to pay a $47 million criminal penalty to the U.S. Department of Justice for “a scheme to corruptly win banking business by awarding employment to friends and family of Chinese officials.”
