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  1. Most Read Articles
  2. Daily Newsletter
  3. The World Bank and Corruption
  4. Deutsche Bank's 5 biggest scandals | Anti Corruption Digest

Importantly, the party seeking to unwind a contract does not have to prove a criminal offence has been committed.

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In , the Libyan Investment Authority LIA brought a civil bribery claim against a French bank in relation to transactions in the period The LIA sought to unwind those transactions. The case was settled before trial. A related claim by the LIA was based, not on bribery, but on undue influence.

In December , a Dutch Housing Association, Vestia, issued a claim against a German bank in the English High Court alleging that that the bank bribed one of its officials to enter into swaps between and in the form of hospitality and by virtue of payments to a broker who allegedly made payments to the official. The financial adviser had formally been engaged by the company, and the bank had been unaware of the bribes.

The company had been entitled to decide whether to continue with the credit protection contract or rescind it i. Banks are particularly susceptible to claims to unwind transactions. Rescission is more likely to be available in a financial transaction which simply involves payments of money because there is no obstacle to reversing the transaction to put the parties back in their original positions. And, as the cases above illustrate, rescission is particularly attractive for financial contracts when the breach itself has not caused any damage but, due to market movements, the contract as a whole is unprofitable.

To mitigate bribery risk, banks need to understand the role of third parties and conduct thorough due diligence on them, irrespective of which party has formally engaged them.

Banks also need effective controls in relation to entertaining clients, particularly where those clients are government officials or otherwise have government connections. The risk of civil claims against banks arising out of bribery and corruption is not confined to transactions procured by bribery. Where the sums advanced by the bank are to be used for corrupt purposes, the bank may be exposed to a number of different claims.

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We consider this via a hypothetical example. Suppose a bank enters into a finance transaction with a sovereign government. The purpose of the transaction is to finance an infrastructure project, but the bank has reason to suspect that much of the sum advanced is going to be diverted to corrupt government officials. The immediate risk is that the project may not be completed or might be stopped or unwound and that the bank will not be repaid.

However, even if repayment is secured other than by performance of the project, perhaps by a sovereign or third party guarantee, the bank is still exposed to a number of potential civil claims, the most obvious being unlawful means conspiracy. For a claim of unlawful means conspiracy to succeed, it is necessary to establish the use of unlawful means i. It is not necessary to show a binding contractual agreement as between the bank and a fraudster: a tacit agreement or understanding or combination is likely to suffice.

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From an evidential perspective, linking the bank and the fraudsters in government might be difficult, but it is not a risk that banks should discount, especially given the time and cost of a dispute, the associated regulatory scrutiny and reputational risk. An intention to cause injury can be established where it can reasonably be foreseen that the conspiracy might cause loss to the borrower.


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If parties are aware that the funds are going to be diverted to corrupt purposes rather than the putative purpose of the transaction, this is likely to be sufficient. Turning a blind eye will constitute knowledge for these purposes. Where there is actual dishonesty by bank employees, the bank may also be liable for dishonest assistance.

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The interplay of civil corruption litigation, regulatory supervision and enforcement, and money laundering reporting obligations presents practical challenges for banks, particularly in relation to privilege issues and tipping off. Consider the scenario of an allegation of corruption being made in relation to a third party on a derivatives deal.

The bank may be required to notify the National Crime Agency of the FCA report and is also likely to want to investigate the allegation itself. In doing so, however, it may create documents which could be used against it in subsequent civil proceedings.

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The World Bank and Corruption

Equally, the bank will need to be careful in its investigations and in any dispute to avoid committing tipping off offences under the Proceeds of Crime Act when corresponding with the third party. Financial institutions will also need to consider how decisions made in responding to, or settling, regulatory investigations will play out in potential litigation. Given my personal experience of the mechanics of such programs on the ground, one would imagine that on average, less than Rs. Not only is such an amount too small to establish a real business, but the incentives in the system are also stacked against repayment.

The absence of collateral is just one of the issues affecting this program. The main issue it faces is the long history of governments that ultimately wave all loans if one waits long enough. No government will ever lock up millions of defaulters behind bars. Not surprisingly, therefore, reports of mass scale corruption in Mudra have started surfacing. One can safely predict that the impact of Mudra is going to be as disastrous for India as was the case with previous programs: more deficit financing, more money printing and more inflation.


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Mr Modi should remember that Ram rajya did not have any public sector banking system. The king in ancient India did not even mint money: it was guilds that did so. Later, an Indian private sector invention called Hundi was created to facilitate credit and transfer of funds across distances. They focused on their core functions: defence, security, and justice. The Modi government must first get out of all business: every share owned by the government in every bank must be sold.

All big political parties benefit from this arrangement even as the general public is swindled on the sly. Good article and an eye opener sir ji..

Deutsche Bank's 5 biggest scandals | Anti Corruption Digest

Keep up the good work sir.. When all people attain a high quality education and kick out bad politicians this ma Update Consent. Tech Science Reviews Search for:. Logout Login. Search for:. Seeing the Invisible The blog is named after Seeing the Invisible, the title book on economics that Sanjeev has written.

Economics involves the study of invisible incentives and motivations. Self-seeking ministers and bureaucrats often work invisibly and insidiously against the public interest. This is more so in socialist countries where governments undertake a number of unnecessary functions.

On the other hand, self-seeking businesses — through their competition for our custom — often end up fostering the public interest The blog straddles a range of autobiographical, governance and policy issues, including the experience of joining and working within the IAS, letting go of the IAS and learning new things, and attempting to build a liberal party for India. Sanjeev Sabhlok Sanjeev Sabhlok joined the IAS in but resigned after 18 years upon concluding that India's corrupt socialist governance system cannot be reformed from within.

Since then he has attempted to build a liberal party for India even as he earns his living as an economist in the Treasury in the Victorian government in Australia. He sometimes writes about SBP and its policies in the Times of India editorial page and in other outlets. Sanjeev Sabhlok joined the IAS in but resigned after 18 years upon concluding that India's corrupt socialist governance system cannot be reformed from. View 1 comments Post a comment. Popular Tags modi rbi congress demonetisation us featuredet china featured supreme-court cricket arvind-kejriwal gst pakistan economy arun-jaitley rahul-gandhi india gdp bjp Featured ET bollywood narendra-modi donald-trump aap delhi.

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