(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.
Standard Chartered (STAN)