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HQ Bank close to deal: liquidator

Björn Riese, who is leading the liquidation of HQ Bank, has said that a deal to resolve the future of the finance firm is close, with the bank likely to be able to re-open its doors on Friday.

HQ Bank close to deal: liquidator

“This issue is set to be considered and decided on in the boards concerned during the day (Wednesday),” Riese said in a statement.

The Financial Supervisory Authority (Finansinspektionen – FI) will also deal with the issue on Wednesday.

The bank’s offices will remain closed on Wednesday but plans are under development to open the bank again on Friday morning.

HQ Bank confirmed on Monday that the process of involuntary liquidation had been set in motion following the failure to find a suitable buyer over the weekend after the bank’s trading licences were revoked by FI on Saturday.

FI had concluded that HQ Bank had seriously overvalued its trading portfolio and had taken risks that threatened its survival, was in breach of Swedish accounting and capital requirement regulations and had been undercapitalized since 2008.

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BANK

Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
   
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
   
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
   
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
 
   
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
   
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
   
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
   
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
   
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.
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