MTN Scandals: Standard Chartered Bank reacts to alleged involvement in repatriation of funds

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Standard Chartered Bank on Wednesday assured that it will fully cooperate with all law enforcement agencies and comply with all laws and regulations as probe into the alleged illegal repatriation of funds by MTN begins.

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Recall that Nigeria Senate on Tuesday directed its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illegal repatriation of $13.9 billion by MTN through its bankers between 2006 and 2016 to its home country, South Africa.

The federal upper legislature indicted the Minister of Trade and Investment, Dr. Okechukwu Elenemah, and four banks.

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MTN has already reacted, denying being involved in any wrongdoing.

In its response, Standard Chartered said: “We are working with the relevant authorities to address and resolve their enquiries.

“As this case is currently under investigation, you (the public) will appreciate that we cannot provide any further information.

“We remain absolutely committed to all our stakeholders in Nigeria and we ensure that our processes and procedures adhere to the highest levels of Corporate Governance and Controls.

“The Bank is making every possible effort to ensure a rapid and satisfactory outcome of this matter.”

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