Spain: Fines, short jail terms for four ex-ICBC Spain employees in laundering case

Four ex-employees and executives of the Industrial and Commercial Bank of China’s (ICBC) Madrid branch reached a plea deal with Spanish prosecutors in a money-laundering case and accepted prison terms of between three and five months.

The prosecutor’s office said on Tuesday the accused also agreed to pay a fine totaling 22.7 million euros ($25.55 million) as part of the deal to settle the case.

In 2016 Spain’s judiciary began investigating the European management of ICBC as part of an inquiry into the alleged laundering of hundreds of millions of euros through the Madrid branch of the Chinese banking giant.

The full original article can be found at in.reuters.com

(Photo:REUTERS/Juan Medina/File Photo)

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