58430
Tejarat Bank will continue to use its full professional and legal force to protect their interests
Tejarat Bank will continue to use its full professional and legal force to protect their interests

Iran's Tejarat Bank Sues EU

Iran's Tejarat Bank Sues EU

Tejarat Bank has filed a lawsuit at the European Court of Justice (ECJ), seeking compensation for the losses it incurred during the sanctions that targeted Iran's nuclear program, the bank's CEO said on Saturday.
"Tejarat and many other Iranian banks suffered a great deal of direct and indirect losses followed by the unjust sanctions imposed on Dec. 2011," Mohammad Ebrahim Moqaddam was also quoted as saying by Banker.ir. 
"After Tejarat Bank was vindicated by the European Union's judicial bodies and the embargo was lifted, the bank sought the help of professional accounting firms in estimating the damage inflicted by EU sanctions within the framework of international standards." 
According to Moqaddam, restrictions on his bank led to its accounts being frozen by EU authorities, resulting in a considerable reduction in the private bank's foreign exchange revenues.
European Union’s second highest court annulled EU sanctions on Tejarat in January 2015 before the historic nuclear deal was reached between Iran and world powers after it was proved that the bank had no role in financing the Iranian nuclear program. 
The court ruling ordered the release of the Tehran-based lender’s assets frozen in the EU and the resumption of its activities there. 
The General Court struck down the sanctions, saying the Council of EU governments had failed to prove that the bank had provided support for the nuclear program or had helped others to circumvent sanctions. 
It also said the bank was partially privatized in 2009 and the Iranian state was no longer its majority shareholder.                       

The bank’s CEO said pursuing the action at ECJ required hundreds of hours of meetings with legal advisers and both local and international lawyers, and the translation of thousands of pages of the bank’s papers.
Moqaddam assured shareholders and customers that Tejarat Bank will continue to use its full professional and legal force to protect their interests and pursue the lawsuit for claiming the damages inflicted by the EU sanctions.
Bank Mellat, another major private bank, revealed last March that the UK High Court ruled in favor of his bank and it will receive $4 billion in compensation by late spring.
The bank had made a case against the UK Treasury for being sanctioned without sufficient evidence over claims of its involvement in the country’s nuclear program.     

 

 

Short URL : https://goo.gl/5WJuUU
  1. https://goo.gl/8M9mg9
  • https://goo.gl/RIsP5J
  • https://goo.gl/uKSCH8
  • https://goo.gl/qz4l3V
  • https://goo.gl/LqyAyW

You can also read ...

Pretoria Hosts South Africa-Iran Business Forum (Photo: AfricaNewsAgency)
The South Africa-Iran Business Forum was held in Pretoria,...
485,000 New Jobs Averaged Annually Since 2013
An average of 485,000 jobs were created every year during...
Furniture Exports on Decline
Iran exported about $6 million worth of furniture during the...
About 1,837 million shares valued at $86.508 million changed hands at TSE on Oct. 23.
Tehran Stock Exchange’s main index lost 134.00 points or 0.15...
The health deal was signed in Iran’s Embassy in London on Oct. 23.
Iran’s Ministry of Health signed an investment and cooperation...
Renault Launches Used-Car Sales Scheme in Iran
Negin Khodro, the local official importer of Renault cars, has...
The fiscal 2014-15 was the worst year for the construction sector in recent memory, with growth rate reaching its nadir at -17%.
The research arm of the Iranian Parliament has forecast a...
Over 14.88 billion shares valued at $1.11 billion were traded at TSE over the past month.
Tehran Stock Exchange’s main index TEDPIX gained 648 points or...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus