Fabius Says France to Fight ‘U.S. Unilateralism’ in BNP Case

By Fabio Benedetti-Valentini and Vidya Root Jun 3, 2014 12:17 PM ET

A potential $10 billion fine for BNP Paribas SA (BNP) for breaking U.S. trade sanctions would be unreasonable, said French Foreign Minister Laurent Fabius.

“The fine has to be proportionate and reasonable,” Fabius said on France 2 television today. “These figures are not reasonable.”

The remarks by Fabius, the most senior government official to publicly defend the largest French bank, signal growing indignation in France. President Francois Hollande will raise the BNP matter with Barack Obama when the U.S. president visits France to mark the 70th anniversary of D-Day this week, a French official said yesterday.

U.S. authorities are seeking penalties to settle allegations that BNP transferred funds for clients in violation of sanctions against Sudan, Iran, and Cuba, according to people with knowledge of the investigation. Prosecutors are also pressuring the company to plead guilty, people familiar with the probe have said.

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http://www.bloomberg.com/news/2014-06-03/fabius-says-10-billion-u-s-fine-for-bnp-not-reasonable.html