Probe Standard Chartered sanctions-busting, ministers informed
Ministers are facing calls to launch an inquiry into Standard Chartered after the bank settled a £1.5billion lawsuit over allegations it misled investors about Iranian sanctions-busting.
The lender paid about £800m in fines to US and UK regulators in 2019.
Last month, it settled with more than 200 claimants after the Court of Appeal ruled it would have to disclose sensitive documents.
Sign of the times: Standard Chartered settled with more than 200 claimants after the Court of Appeal ruled it would have to disclose sensitive documents
Tory MPs John Hayes and Gareth Davies have written to City Minister Lucy Rigby, urging her to consider demands for an inquiry from whistleblower Julian Knight.
The former Standard Chartered executive has pursued the bank in the US case known as ‘Brutus’. Investors say they suffered losses due to a lack of candour over sanctions-busting.
A Treasury spokesman confirmed it has received the letter. Standard Chartered declined to comment.
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