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Tuesday, November 27, 2007

Bank Mellat Statement about Being on OFAC Sanctions List - and Comments

Bank Mellat in Iran has issued a statement about it being on the US Treasury Department's Office of Foregin Asset Control list, prohibiting any US Company from doing business with the Bank directly or indirectly. Bellow is the statement, as quoted by World - Check. My comments are in Red.

-Shimron
  • The statement of Bank Mellat on the illegal and baseless economic sanctions imposed by US is as below:
  • There is no justification in international law for economic sanctions on financial institutions and banks for political reasons, and sanctions should not be used for the purpose of superimposing political aims or exert illegal pressure on other financial entities. It is US Pressure impacting US Business, but other countries may be impacted
  • Bank Mellat strongly insists that its operation is and always has been limited to mere economic activities and there has never been a single example of the involvement of the Bank in any illegal activity. Except the Iranian Nuclear Program and support of Revolutionary Guard and Kuds financial transiactions supporting Iraqi and Hezbollah terrorist activities.
  • Since international financial and banking markets are quite sensitive to any signal and accusation, imposition of false allegations will endanger worldwide economy and international business. We hope so.
  • Bank Mellat has been engaged in a wide range of banking activities, such as banking operations in the name and on behalf of people of Iran, for various activities like opening and holding current and deposit accounts, providing banking and financing services for people's daily banking services, offering mortgages and housing facilities, as well as other commercial banking services inside and outside the country. We are glad they do some good things, too.
  • one of the leading banks of Iran, Bank Mellat, through the years, has successfully and fully satisfied its customers and domestic and foreign regulators in all its overseas branches and subsidiaries. Probably true, but how deep do regulators check into Iranian government accounts?
  • The recent allegations made by the USA against Bank Mellat has absolutely no justification and legal ground, and is simply based on illegal and baseless accusations. It is certainly contrary to international law, thus should have no value and effect. It Interesting that they do not site any real laws the sactions violate.
  • Therefore, bank Mellat expects all international banks, and financial institutions and organisations particularly WTO, IMF, World Bank group, IFC as well as all other monetary, financial and commercial institution(s) not to permit any government to undermine internationally recognised principles for the purpose of gaining political advantages. Sounds like a threat to us...
  • Ultimately, Bank Mellat reserves its rights, without prejudice to any of its other rights and privileges, to take any legal action against the current US administration and other concerned USA authorities in and and all domestic and international jurisdictions or organisations, particularly those of financial and monetary institutions, for any losses or damages as may be inflicted on the Bank, on the grounds of libel and defamation, on its personnel, branches, subsidiaries, affiliates and customers, directly or indirectly, by this irresponsible conduct. Yes, definately a threat...

Bank Mellat 20 October, 2007

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