Bank’s shares dive de­spite strong de­nial

Midweek Sport - - FRONT PAGE -

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.

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