George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

PRESS: StanChart Faces USD57 Billion Illegal Iran Cash Claim - FT

Fri, 19th Jul 2019 18:29

(Alliance News) - Standard Chartered PLC has been accused by whistleblowers of handling USD57 billion in allegedly illegal transactions with Iran-connected entities, the Financial Times reported late Friday.

The business newspaper reported a civil suit has been brought by the whistleblowers alleging that the FTSE 100-listed bank had cleared more transaction in violation of the Iran sanctions between 2009 and 2014 than the US government had used for the basis of an earlier fine.

In April, Standard Chartered agreed to pay a USD1.1 billion fine to US authorities after it violated sanctions. The multi-year investigation by US regulators had also resulted in other settlements in 2012.

The whistleblowers had initially filed the case in 2012 before it was voluntarily dismissed in 2017. The case has since been refiled with the amended claims submitted earlier this week.

The amended claims imply the government failed to take into account greater flows of funds that allegedly breached the sanctions in place. The claims also suggest that by helping Iranian entities access the international finance system, StanChart helped fund terrorist organisations which killed US and UK servicemen.

The claims also name a number of senior StanChart executives. These include a former deputy chief executive as well as the Iraq & Afghanistan chief and managing director.

https://www.ft.com/content/16a53f86-aa20-11e9-984c-fac8325aaa04

Shares in StanChart closed 0.1% lower at 713.20 pence in London on Friday.

Related Shares

More News
27 Mar 2024 09:40

LONDON BROKER RATINGS: Sainsbury's, Petershill Partners upped to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

26 Mar 2024 20:33

IN BRIEF: Standard Chartered heads sell GBP550,000 in shares in total

Standard Chartered PLC - Asia-focused lender - Says Judy Hsu, chief executive of Consumer, Private & Business Banking, sells 30,000 shares at GBP6.76,...

21 Mar 2024 13:24

Moneysupermarket.com hires chair designate as part of succession plan

(Alliance News) - Moneysupermarket.com Group PLC on Thursday announced the appointment of its new chair designate as an independent non-executive dire...

12 Mar 2024 12:03

LONDON MARKET MIDDAY: FTSE 100 outperforms ahead of US data

(Alliance News) - The FTSE 100 rallied heading into Tuesday afternoon, with gains for the blue-chip index broad-based, in confident trade ahead of a U...

12 Mar 2024 10:38

Standard Chartered's Simon Cooper departs amid corporate reshuffle

(Sharecast News) - Banking group Standard Chartered said on Tuesday that Simon Cooper, who was a frontrunner to succeed chief executive Bill Winters, ...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.