AMEinfo EXPERTS

Bank Mellat seeking $4bn in compensation from UK Treasury

February 17, 2014 1:45 am


Bank Mellat, Iran’s largest private bank has filed a lawsuit against the UK Treasury seeking $3.98bn in reparations for lost international businesses due to sanctions against Iran, the Wall Street Journal has reported. The claim follows a June 2013 ruling by Britain’s highest court that found sanctions imposed on the bank by the UK government in 2009 were illegal because Bank Mellat isn’t a state-owned financial institution, and there wasn’t evidence it aided Iran’s nuclear programme. It also comes after a string of shipping companies and banks, including Mellat, won legal challenges contesting sanctions in a European court last year. The European Union has either appealed or placed the entities affected by the court action under new sanctions.

By

AMEinfo EXPERTS
by Naseem Javed
Mentorian Worldwide


VIEW ALL EXPERTS
s