Wednesday, March 29, 2017

Halkbank shares plunge sharply after executive’s arrest in US

Shares in Turkey’s Halkbank tumbled as much as 16 percent on March 29, the sharpest drop on record, after U.S. prosecutors charged one of its senior executives with participating in a multi-year scheme to violate U.S. sanctions against Iran.


At 07:57 GMT, Halkbank shares were 11.11 percent lower.

Istanbul’s banking index was also down over 2.2 percent and the main index fell 1 percent.

U.S. prosecutors on March 28 charged an executive at Halkbank with participating in a multi-year scheme to violate U.S. sanctions against Iran, escalating a case that has added to tensions between the United States and Turkey.

Mehmet Hakan Atilla, a deputy general manager of Halkbank , is accused of conspiring with wealthy Turkish gold trader Reza Zarrab to conduct hundreds of millions of dollars of illegal transactions through U.S. banks on behalf of Iran’s government and other entities in that country.
  [hurriyetdailynews.com]
29/3/17

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