US prosecutors demand millions in contempt fines against Turkey's Halkbank

Pedro Gonçalves
clock
US prosecutors demand millions in contempt fines against Turkey's Halkbank

US prosecutors have asked a judge to impose escalating fines totaling millions of dollars on Turkey's state-owned Halkbank in an effort to force it to respond in court to charges it helped Iran evade US economic sanctions. In a filing in Manhattan federal court, prosecutors said Halkbank should be fined an initial $1m a day for contempt of court, and which could double each week to counter the bank's "obstinacy" in refusing to defend itself in court. That would bring the total fine on H...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login