Envoy hails compensating Iran Bank Mellat by UK govt. as achievement

TEHRAN, Oct. 04 (MNA) – Iranian ambassador to London, Hamid Baeidinejad has hailed compensating Iran Bank Mellat by the United Kingdom as an achievement for Iran.

In messages on his Twitter account, Hamid Baeidinejad said that Iran Bank Mellat has been compensated by the UK government. He added the British government’s action was based on a ruling by a UK court four months ago.

The Iranian diplomat added that the UK Supreme Court ruled four months ago that the sanctions by the UK Treasury against Bank Mellat were illegal.

Bank Mellat has confirmed it had received the compensation from the UK Treasury.

Britain used a third country to avoid US sanctions as it paid an Iranian bank a settlement in a £1.25 billion damages case, The Times has reported.

Bank Mellat, in which the Iranian government owns a 17 per cent stake, sued the UK government over sanctions imposed in 2009 that prevented it from doing business with the UK’s financial sector.

The Supreme Court ruled that the sanctions were illegal and a five-week hearing of the bank’s claim for damages covering its loss of business had been scheduled for June.

Bank Mellat had sought £3.2 billion but this fell to £1.25 billion with interest, according to The Times.


News Code 150805


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