Press TV

#UK lifts sanctions on key #Iranian bank

The British government has announced that it has removed Bank Saderat Iran (BSI) from its list of sanctioned entities. The decision to delist the bank was in line with the amended regulations by the European Union regarding the lifting of sanctions against Iran. The regulations required the sanctions against the BSI to be maintained until 22 October 2016. Britain has previously lifted sanctions against three other Iranian banks. In January, the Bank of England announced that it had reactivated the licenses of Melli Bank, Persia International Bank and Bank Sepah International. This followed the implementation of a nuclear deal between Iran and the P5+1 group of countries. Iran agreed to restrict certain aspects of its nuclear energy activities in return for measures by the P5+1 to remove certain economic sanctions imposed against the country.

Iran bank appeals Bahrain Central Bank decision

Future Bank, a Bahrain-based Iranian bank, has appealed a recent decision by Bahrain's central bank (CBB) to place it along with another Iranian financial institution into administration under the pretext of protecting the rights of depositors and policyholders. CBB in the case of the Future Bank and the Iran Insurance Company will have the power to continue or to temporary suspend their operations, the power to suspend or limit the discharge of their financial obligations, and the power to conclude deals on behalf of them. The Future Bank was established in 2004 through a joint venture between Bank Saderat Iran, Bank Melli Iran, and Ahli United Bank (AUB) Bahrain.

Islamic Development Bank allocates 3-billion-dollar loan to Iran

Islamic Development Bank’s top officials have traveled to Tehran to sign the contract with the Iranian officials for the first part of the 3 billion-dollar loan they had agreed before. The first part of the loan will be paid to a few cities in the Southern Iranian province of Fars for implementing sewage projects. But there are other areas for which the 3-billion-dollar loan will be used. So far, the IDB has allocated loans to Iran in railway, water sources, environment, automotive and other sectors. With almost ten percent of the shares, Iran is the third major shareholder of the bank. The ratification of Iran's parliament to increase the countrie's share in IDB is pending.

UK seeking renewed ban on Iran’s Bank Mellat

The British government is seeking to renew sanctions against Iran's Bank Mellat regardless of a court ruling branding the ban as unlawful. Britain's Treasury is now attempting to intervene in the European Union Council's appeal against a decision by the EU General Court in January to quash sanctions imposed against the Iranian bank. This comes after reports that Bank Mellat intends to make a legal claim of 500 million pounds against the UK government for loss of business caused by US-engineered illegal sanctions on Tehran between 2009 and 2013. Earlier on June, Britain’s Supreme Court also overturned a ruling against Bank Mellat over its alleged links to Tehran's nuclear energy program, saying the British government was wrong to have imposed sanctions on the bank.

Iran sentences 4 to death in biggest bank fraud case

Four people were sentenced to death on charges of corruption and disrupting the country’s economic system by the Iran Judiciary. The four are Mahafarid Amir-Khosravi, Behdad Behzadi, his legal advisor, Iraj Shoja, his financial solicitor and Saeed Kiani Rezazadeh, head of the Ahvaz branch of Saderat Bank. Other defendants were handed down sentences including imprisonment and cash fines. The defendants stood trial for misappropriating a total of USD2.6 billion of funds by using forged documents to obtain credit from banks to purchase state-owned companies. However, almost none of the companies involved in this case were ordered closed by the court.

EU court annuls sanctions on Iranian Bank Mellat

The European Court of Justice annulled the European Union (EU) sanctions imposed against the Iranian Bank Mellat in July 2010. According to the bank's Managing-Director Ali Divandari, the Court also required the EU to cover the costs of legal procedures. Additionally, Bank Mellat will receive all legal expenses as well as compensation from the EU for losses incurred because of these sanctions. Divandari also said vague reasons were used by the EU to impose the sanctions two and a half years ago.

Syndicate content