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London judge says will approve landmark ICBC Standard Bank plea deal

Reuters

LONDON (Reuters) - A London judge said on Monday he would give the green light to Britain's first deferred prosecution agreement (DPA), a new type of plea deal, in a case brought by the Serious Fraud Office against ICBC Standard Bank Plc [SBKJLS.UL].

Introduced into English law last year, a DPA is a court-approved deal under which a company charged with wrongdoing accepts a range of sanctions that can include a fine, in return for legal proceedings being suspended.

Brian Leveson, a senior judge at London's High Court, said he was minded to approve the agreement and would explain his reasons for the judgment from 1400 GMT.

Earlier on Monday, the SFO said London-based ICBC Standard Bank had failed to prevent bribery of two former executives at Stanbic Bank Tanzania.

The SFO case centers on events that took place in 2012 and 2013.

(Reporting by Estelle Shirbon, writing by Sinead Cruise, editing by Pamela Barbaglia)