StanChart: well, this is embarrassing

Chairman: "I made certain statements that I very much regret".

Standard Chartered's chairman has had to retract comments he made at a press conference two weeks ago, in a rather painful statement posted on StanChart's website today. During the press conference he refererred to the banks' US sanctions breaches as "clerical errors". This, it turns out, was also an error. Here's the apology in full. Ouch.

Released 08:30 21-Mar-2013

LONDON, 21 March 2013: On 5 March 2013, I, together with Chief Executive Officer Peter Sands and Group Finance Director Richard Meddings, representing Standard Chartered Bank (the "Group"), held a press conference where certain questions were asked concerning individual employee conduct and compensation in light of the deferred prosecution agreements made with the US Department of Justice and the New York County District Attorney's Office in December 2012.  During that press conference, which took place via phone, I made certain statements that I very much regret and that were at best inaccurate.

In particular, I made the following statements in reference to a question regarding the reduction of bonuses for SCB executives:

We had no willful act to avoid sanctions; you know, mistakes are made - clerical errors - and we talked about last year a number of transactions which clearly were clerical errors or mistakes that were made…

My statement that SCB "had no willful act to avoid sanctions" was wrong, and directly contradicts SCB's acceptance of responsibility in the deferred prosecution agreement and accompanying factual statement.

Standard Chartered Bank, together with me, Mr. Peter Sands and Mr.  Richard Meddings, who jointly hosted the press conference, retract the comment I made as both legally and factually incorrect. To be clear, Standard Chartered Bank unequivocally acknowledges and accepts responsibility, on behalf of the Bank and its employees, for past knowing and willful criminal conduct in violating US economic sanctions laws and regulations, and related New York criminal laws, as set out in the deferred prosecution agreement.  I, Mr. Sands, Mr. Meddings, and Standard Chartered Bank apologize for the statements I made to the contrary.

Sincerely,

Sir John Peace

Chairman

Standard Chartered PLC

 

Photograph: Getty Images
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What the "critical" UK terrorist threat level means

The security services believe that Salman Abedi, was not a lone operator but part of a wider cell.

Following the Manchester bombing, the Joint Terrorism Analysis Centre (an inter-agency organisation comprised of 16 different agencies) has raised the UK's threat level from "Severe" to "Critical", the highest possible level.

What does that mean? It doesn't mean, as per some reports, that an attack is believed to be or is definitely imminent, but that one could be imminent.

It suggests that the security services believe that Salman Abedi, was not a lone operator but part of a wider cell that is still at large and may be planning further attacks. As the BBC's Dominic Casciani explains, one reason why attacks of this sort are rare is that they are hard to do without help, which can raise suspicions among counter-terrorism officials or bring would-be perpetrators into contact with people who are already being monitored by security services.

That, as the Times reports, Abedi recently returned from Libya suggests his was an attack that was either "enabled" - that is, he was provided with training and possibly material by international jihadist groups  - or "directed", as opposed to the activities of lone attackers, which are "inspired" by other attacks but not connected to a wider plot.

The hope is that, as with the elevated threat level in 2006 and 2007, it will last only a few days while Abedi's associates are located by the security services, as will the presence of the armed forces in lieu of armed police at selected locations like Parliament, cultural institutions and the like, designed to free up specialist police capacity.

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.

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