atans1

HoHoHo: StanChart accused of more crimes

In Banks, Corporate governance, Emerging markets, Temasek on 20/07/2019 at 6:43 am

The good news is that the accusation comes not from the US marshals that have been making life difficult for the go-to bank for Iran’s activities to by-pass US sanctions, but by whistleblowers in a civil law suit.

StanChart has been accused of handling U$56.8bn of dollars in allegedly illegal transactions with Iran-connected entities in a civil suit. They allege StanChart cleared far more transactions in violation of Iran sanctions between 2009 and 2014 than the US government used as the basis for fines paid by the bank in April (This prediction came true: HoHoHo: StanChart gets into more trouble).

The new claim filed on Thursday piles further legal woes on the emerging markets bank which has been hit with a series of penalties by US law enforcement and regulators in the past seven years for lax financial controls and for handling transactions for companies in Iran and other sanctioned countries.

FT

Quiet so. and CEO still KPKBing about his pay: HoHoHo: StanChart CEO upset that investors angry about his salary?

Weekend reading:

HohoHo: StanChart’s strategic plans are sounding like our restructuring plans

StanChart: Yet more problems for “rogue bank”

HoHoHo: Gd news for StanChart

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