Shares of Standard Chartered have tumbled despite the bank denying allegations that it illegally “schemed” with Iran to launder money.
Shares in London fell 16.7 per cent, about as much as its Hong Kong stock dropped.
The New York State Department of Financial Services said the UK-based bank laundered as much as USD 250bn (Pound161bn) over nearly a decade.
It said the bank hid transactions for “Iranian financial institutions” that were subject to US economic sanctions.
The regulator said that Standard Chartered had hidden 60.000 such secret transactions.
However, the bank denied the allegations, saying that it “strongly rejects the position or portrayal of facts as set out in the order” issued by the regulator.
Source: The BBC
Wikileaks exposed unlimited double standard and hypocrisy among global leaders.
This scandal is yet another example.
That one of the largest business banks of the free world indulges in criminal activities with the totalitarian Ayatollah regime of Iran, expose the very nadir of double standards.
1 Timothy 6:10
For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
Jesus the Messiah used the Jewish Apostle Paul to explain the close connected between money and evil. The love of money is the root of all kinds of evil. If you serve money, the fire of Hell will be your final abode.
Written by Ivar