Fines, short prison terms for 4 ex-employees of ICBC Spain in laundering case

MADRID, June 16 (Reuters) - Four ex-employees and executives of the Madrid branch of the Industrial and Commercial Bank of China (ICBC) have agreed with Spanish prosecutors to prison terms of up to five months in a money-laundering case, the prosecutor’s office said on Tuesday.

The accused also agreed to pay a fine of 22.7 mln euros ($25.55 million) as part of the deal to settle the case, the prosecutor said.

In 2016, Spanish judicial authorities launched an investigation into the European management of ICBC as part of a probe into the alleged laundering of hundreds of millions of euros through the Chinese banking giant’s Madrid branch.

($1 = 0.8884 euros)

Reporting By Jesús Aguado, Emma Pinedo and Belen Carreno; editing by Andrei Khalip