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BNP Paribas shares plunge over 8% in Paris after being found complicit in Sudan atrocities
The shares of BNP Paribas fell by more than 8% on Monday on the Paris Stock Exchange, after a New York juryfound the French bank complicit in human rights abuses in Sudan for helping finance the army and militias of former dictator Omar al-Bashir.
Around 11:20 a.m. local time, BNP Paribas was trading at €68.87, down 8.04%, while the overall market dropped slightly by 0.14%. Other major French banks also saw declines, though less sharply — Crédit Agricole fell 2.45%, and Société Générale dropped 2.65%.
According to Saxo Bank analyst Andrea Tueni, “the only apparent news surrounding BNP Paribas concerns the bank’s trial linked to Sudan.” The jury ruled that BNP Paribas facilitated financial transactions that ultimately funded the Sudanese army and militias, making it liable for the losses and suffering of three plaintiffs in a civil lawsuit. The court awarded $20.75 million in damages.
The bank, which operated in Sudan from the late 1990s until 2009, was accused of providing letters of credit for trade deals that indirectly supported the regime’s repressive activities. BNP Paribas argued it should not be held responsible for how those funds were later used.
