Standard Chartered rejects Iran trade claims, shares plunge
Shares of Standard Chartered Bank plunged after US regulators charged that it hid US$250 billion in deals with Iranian banks in violation of US sanctions. .
But the charges have been strongly rejected by the London-based lender.
Standard Chartered shares crashed nearly 17 percent in London trade, slashing the bank's value by almost US$9.4 billion.
And in Hong Kong, its shares lost nearly 15 percent.
The US Department of Financial Services said Standard Chartered systematically disguised foreign exchange deals with Iran that potentially opened the US banking system to terrorists and criminals.
Standard Chartered has been ordered to appear on the 15th of next month to explain the violations nd demonstrate why its licence to operate in New York should not be revoked.
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