Standard Chartered is going through investor claims price round 1.5 billion kilos ($1.9 billion) in a London courtroom for allegedly systematically breaching sanctions on Iran to win new enterprise.
A London decide handed down the decision on Friday. [April 19] The trial, which may even examine bribery fees, will probably be divided into two elements, with the primary trial scheduled for October 2026.
The financial institution has been sued by lots of of buyers over allegations of widespread fraud, and the financial institution has been fined greater than $1.7 billion. The financier faces the fees after telling regulators that it processed lots of of tens of millions of {dollars} in clearing transactions between 2008 and 2014 by way of its Dubai workplace on behalf of Iranian entities.
The lawsuit over lack of disclosure to shareholders is “with out advantage” and the financial institution “continues to vigorously defend this declare,” a spokesperson for the financial institution mentioned in an emailed assertion. “We imagine that the Bank totally complied with its reporting and disclosure obligations all through the interval.”
The ruling follows final 12 months’s ruling wherein the courtroom rejected the financial institution’s request to reverse its claims that its sanctions violations and alleged bribery have been extra systematic and widespread than it admitted to U.S. regulators in 2019. It is. The financial institution gained the allow earlier this 12 months. The resolution will probably be appealed and heard in May.
The scheme, identified to senior officers as “Project Green,” enabled Dubai’s inside departments to “create fraudulent data” to disguise shoppers with ties to Iran.
Photo: Standard Chartered headquarters in London.Photo credit score: Jason Alden/Bloomberg
Copyright 2024 Bloomberg.
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