RE: Just Seen on AJ Bell News5 Feb 2024 17:59
The shares of Banco Santander, SA, and Lloyds Banking Group plc observed a decline in their share value on Monday after the Financial Times reported that Iran used the accounts of these banks to evade sanctions.
According to documents seen by FT, Lloyds and Santander UK provided accounts to British front companies secretly owned by Petrochemical Commercial Company (PCC), a sanctioned Iranian firm based in London. PCC and its British subsidiary, PCC UK, have been sanctioned by the United States since 2018 over financing the Iranian Revolutionary Guards Quds Force and other Iranian proxy militant groups. However, PPC's UK branch has continued operating using a sophisticated network of front entities in Britain and other countries, according to the media outlet.
Santander's stock plunged by 5.41% at 11:13 am CET, selling for €3.6685 apiece, while Lloyd's stock dropped by 1.82% at the same time, going for £41.55 per share.
Baha Breaking News (BBN) / JJ