E-Paper
StanChart CEO takes charge of talks on Iran probe
Standard Chartered’s chief executive Peter Sands has flown to New York to take personal control of the bank’s attempts to reach a settlement with US regulators over allegations it hid transactions involving Iran.
Standard Chartered’s chief executive Peter Sands has flown to New York to take personal control of the bank’s attempts to reach a settlement with US regulators over allegations it hid transactions involving Iran.
Sands is also ready to attend a hearing set for Wednesday at which the London-based bank has been told by the New York banking regulator that it must demonstrate why its state banking licence should not be revoked over the transactions.
A Standard Chartered spokesman said the bank was waiting to hear from the Department of Financial Services what form the hearing will take.
“Peter is happy to go if that’s appropriate,” a StanChart spokesman said on Tuesday.
Sands will work with the bank’s lawyers, who are attempting to negotiate a settlement over the issue with US authorities, the spokesman said.
Last week, New York’s Financial Services superintendent Benjamin Lawsky alleged the bank had hidden Iran-linked transactions worth $250 billion and called it a “rogue institution” for breaking US sanctions.
With its shares having lost nearly 15% of their value, the bank has come under pressure from shareholders to settle early rather than engage in a legal battle.
