Bank’s shares dive despite strong denial
SHARES of Standard Chartered bank tumbled yesterday despite it denying allegations that it illegally “schemed” with Iran to launder money.
Shares were down 20 per cent by lunchtime in London.
The New York State Department of Financial Services said the UKbased bank laundered as much as £160bn over nearly a decade.
It said the bank hid deals for “Iranian financial institutions” that were subject to U.S. economic sanctions.
However, denying the allegations the bank said that it “strongly rejects the position or portrayal of facts as set out in the order” issued by the regulator.
The U.S. regulator labelled the bank a “rogue institution” and ordered it to “explain apparent violations of law” from 2001 to 2010.
During World War II he led a team developing radar technology, for which he was later awarded an OBE.