Standard Chartered’s CEO Peter Sands slammed the New York regulator that is accusing the UK listed bank of hiding a least quarter of a trillion US dollars worth of transactions tied to Iran.
Sands hit back in a conference call that "we reject the position and portrayal of facts by the Department of Financial Services and that it would be disproportionate and wholly inconsistent with the actions of other US authorities in other sanctions matters to revoke the bank's New York licence"
The DFS said on the 6th August that it conducted an extensive investigation, which included the review of more than 30,000 pages of documents, including internal Standard Chartered e-mails that "describe wilful and egregious violations of law".
Sands said "there are lots of matters in that order that either we don't recognise or we don't understand or are factually inaccurate and that the probe was "very damaging" for the brand.
Shares have tumbled since the news of the investigation and South Korea has now revealed it will be investigating the bank, as well as HSBC.
It said that while there were no specific grounds to suspect wrongdoing by the banks' Korean branches, the probes were derived entirely from developments in the US.
Written and Presented by Lianna Brinded.