On November 30, 2015, a UK court approved for the first time ever the suspension of criminal proceedings against a company under terms set out in a deferred prosecution agreement (DPA). In exchange, Standard Bank Plc agreed to comply with various terms, including payments to the Government of Tanzania of $6 million in compensation, disgorgement of $8.4 million in profits, and payment of a $16.8 million financial penalty. The DPA was the result of Standard Bank’s voluntary disclosure to the Serious Fraud Office of possible violations of the UK Bribery Act. The case sheds light on the scope of benefits companies can expect from self-reporting misconduct, and the level of cooperation needed to qualify for a settlement. It also provides important guidance on how UK courts will interpret certain parts of the Bribery Act, and insight into how the US DOJ and SEC will respond to penal actions taken in other countries.

To read our full advisory analyzing the agreement, click here.

This advisory was authored by Patrick Rappo, Jeffrey Cottle, and John Rupp, partners in Steptoe’s London office; Lucinda Low, a partner in Steptoe’s Washington office; Richard Battaglia, a partner in Steptoe’s Chicago office; and Susan Munro, a partner in Steptoe’s Beijing office.