Spanish Court Fines Four Chinese Bankers €22.7 Million for Money Laundering

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Spain welcomed the arrival of ICBC in 2011 Credit: www.mincotur.gob.es

IN 2016 six officials from the Spanish branch of the Industrial and Commercial Bank of China (ICBC) were arrested and in July of 2020, four former employees were fined a total of €22.7 million and given prison sentences.

According to the findings of the Court in Spain, the officials from the Madrid based bank which is partly owned by the Chinese Government were guilty of allowing money laundering and tax fraud by criminal gangs operating out of Asia.

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Due to Spanish law, it is unlikely that any of the defendants will actually spend time in gaol.




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