A US federal jury has found BNP Paribas guilty of aiding and abetting genocide in Sudan by providing financial services to the regime of former dictator Omar al-Bashir. The landmark ruling awarded $20.5 million (€17 million) in damages to three Sudanese refugees who brought the case.
The verdict could pave the way for some 23,000 other Sudanese victims to file similar lawsuits against the French banking giant, potentially seeking billions of dollars in compensation.
According to court documents, BNP Paribas acted as the main financial conduit for al-Bashir’s government while it carried out atrocities in Darfur and other regions. The bank, which has long denied wrongdoing, has appealed against the ruling.
Market analysts expect BNP Paribas to pursue settlements with victims to limit further damage. Shares in the bank fell nearly 8% following the verdict.
The case also poses a challenge for the Belgian government, which owns a 10.3% stake in BNP Paribas through its 2009 merger with Fortis. Belgium has been considering selling part of its holding to help fund increased defence spending, a move now complicated by the legal uncertainty surrounding the bank.
