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Iran accusations slam StanChart shares


Iran accusations slam StanChart shares


Standard Chartered’s shares continued to tumble on Tuesday after New York’s banking regulator threatened to take away its licence to operate in the state, which would be a devastating blow.

That is linked to allegations the bank hid two $250 billion (201 billion euros) worth of transactions tied to Iran, which is illegal under US law.

Standard Chartered has said that 99.9 percent of its dealings with Iran were legal and has been in talks with US authorities since early 2010 over the matter.

The bank said it shared with US agencies an analysis that demonstrated it “acted to comply, and overwhelmingly did comply” with US regulations.

Standard Chartered put the total value of Iran-related transactions that did not follow regulations at less than $14 million (11.25 million euros), based on its review of the issue, in stark contrast to the New York State Department of Financial Services’s $250 billion estimate.

The DFS slammed Standard Chartered as a “rogue institution” that “schemed” with the Iranian government, which is subject to US sanctions over its nuclear programme, and hid 60,000 secret transactions to generate hundreds of millions of dollars in fees over nearly 10 years.

The company’s shares ended Tuesday’s session down 16.43 percent.

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