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Spanish court says criminal responsibility for 7 officials' arrests extends to ICBC Luxembourg
September 11, 2017 / 12:06 PM / 2 months ago

Spanish court says criminal responsibility for 7 officials' arrests extends to ICBC Luxembourg

MADRID, Sept 11 (Reuters) - Spain’s High Court on Monday said the criminal responsibility for the investigations into money laundering which resulted in the arrests of seven officials of the Industrial and Commercial Bank of China in Madrid last year extended to the bank’s European headquarters, ICBC Luxembourg.

“As well as the seven executives that already are being investigated, the criminal responsibility should escalate to ICBC because it had concrete knowledge of how ICBC Spain was operating,” the court document said.

The Spanish investigation is centred on allegations of funds transferred by a criminal group via the bank to China.

ICBC has declined to comment on the case beyond saying the bank is a law-abiding company and had cooperated with Spanish authorities. (Reporting By Sonya Dowsett; editing by Jesús Aguado; Editing by Jesus Aguado)

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