Private shareholders in Iran’s largest private bank, Bank Mellat, have won the right to challenge the HM Treasury over sanctions against Tehran.

 

Six of the bank’s private shareholders will be allowed to make individual interventions at the UK Supreme Court hearing in July, contesting the financial sanctions imposed over the Bank.

 

The shareholders will join Bank Mellat in arguing that sanctions should not extend to the private sector as it is unable to influence Iranian government policy.

 

The court will hear sanctions against Bank Mellat amount to a breach of the Universal Declaration of Human Rights in violating the inalienable rights of the private shareholders. 

Zaiwalla & Co, which represents the bank and shareholders, will argue shares are private property and should not be subject to damage or restriction in any other country.

 

Bank Mellat appeared in the European General Court last week to oppose similar sanctions imposed by the European Union. There are currently 72 legal persons, entities and bodies in connection with Tehran who have had such restrictions placed on them by the Council of the European Union.

 

Europäisch-Iranische Handelsbank, a subsidiary of Bank Mellat, was added to the list of restricted businesses recently, after it was believed by HM Treasury to have aided Iranian banks in avoiding sanctions.
 

(Source: fundweb.co.uk)