June 14, 2019 / 4:59 PM / 2 months ago

China's ICBC to pay U.S. $45 million to settle depository receipt probe

WASHINGTON (Reuters) - The U.S. Department of Justice said on Friday Industrial and Commercial Bank of China Financial Services LLC pleaded guilty to conspiring with other financial firms to rig bids relating to the release of American Depository Receipts.

The bank was ordered to pay a $3 million criminal fine, the Justice Department said. Separately, the U.S. Securities and Exchange Commission said it had fined the firm $42 million to settle charges for improper handling of ADRs in relation to the case.

Reporting by Michelle Price; Editing by Chizu Nomiyama

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