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Standard Chartered Faces Inquiry Over Iran Sanctions Claims
19 Jan
Summary
- Bank settled a £1.5 billion lawsuit concerning sanctions-busting allegations.
- Regulators fined the lender approximately £800 million in 2019.
- Whistleblower Julian Knight is seeking an inquiry into the bank's conduct.
Ministers are being urged to launch an inquiry into Standard Chartered after the bank settled a significant lawsuit. The £1.5 billion legal action stemmed from allegations that the financial institution misled investors regarding its compliance with Iranian sanctions.
Previously, in 2019, Standard Chartered paid substantial fines amounting to approximately £800 million to both US and UK regulatory bodies. This latest settlement, reached last month with over 200 claimants, followed a Court of Appeal ruling that compelled the bank to disclose sensitive documents.
The calls for an inquiry come from Conservative MPs John Hayes and Gareth Davies, who have written to City Minister Lucy Rigby. They are responding to demands from whistleblower Julian Knight, a former executive at the bank, who alleges investor losses due to a lack of transparency about sanctions-busting activities.
