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Standard Chartered (StanChart) is facing investor claims worth £1.5bn ($1.9bn) over allegations that it breached Iranian sanctions to gain new business. The bank told watchdogs that it processed hundreds of millions in clearing transactions between 2008-2014 through its Dubai offices on behalf of Iranian entities. The above comes after a decision last year when the London court had refused StanChart’s request to strike out claims after allegations that the violation of sanctions and bribery was systematic and extensive.
StanChart’s dollar bonds were trading stable.
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