Latest news with #Halkbank
Yahoo
07-05-2025
- Business
- Yahoo
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges
By Jonathan Stempel (Reuters) - Turkey's state-controlled Halkbank asked the U.S. Supreme Court to throw out a lower court ruling saying it could be prosecuted on criminal charges it helped Iran evade American sanctions. In a petition posted this week on the Supreme Court's website, Halkbank said it was entitled to "absolute immunity" under the common law because the sovereign immunity that countries have extends to their instrumentalities. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. Prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, and helped launder money through the U.S. financial system. In October, the federal appeals court in Manhattan decided that Halkbank could be prosecuted. "The decision below thus authorizes the first criminal trial of a foreign sovereign instrumentality in world history," Halkbank said in its Supreme Court petition. Halkbank also said the decision exposed U.S. agencies such as the Navy, CIA and Export-Import Bank to possible criminal prosecution outside the country, and it was "only a matter of time" before other sovereigns targeted their diplomatic adversaries. The case began in 2019, and is making its second trip to the Supreme Court. In 2023, the court said Halkbank wasn't shielded from prosecution under the federal Foreign Sovereign Immunities Act of 1976, but left open whether the bank deserved immunity under the common law, based on court decisions rather than statutes. The Supreme Court may not decide until its term beginning in October whether to hear Halkbank's appeal. Halkbank said it is 91.49% owned by the Turkish Wealth Fund, which is owned by Turkey. The case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The case is Turkiye Halk Bankasi AS v. United States, U.S. Supreme Court, No. 24-1144. (Reporting by Jonathan Stempel in New York; editing by Diane Craft)
Reuters
07-05-2025
- Business
- Reuters
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges
May 7 (Reuters) - Turkey's state-controlled Halkbank ( opens new tab asked the U.S. Supreme Court to throw out a lower court ruling saying it could be prosecuted on criminal charges it helped Iran evade American sanctions. In a petition posted this week on the Supreme Court's website, Halkbank said it was entitled to "absolute immunity" under the common law because the sovereign immunity that countries have extends to their instrumentalities. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. Prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, and helped launder money through the U.S. financial system. In October, the federal appeals court in Manhattan decided that Halkbank could be prosecuted. "The decision below thus authorizes the first criminal trial of a foreign sovereign instrumentality in world history," Halkbank said in its Supreme Court petition. Halkbank also said the decision exposed U.S. agencies such as the Navy, CIA and Export-Import Bank to possible criminal prosecution outside the country, and it was "only a matter of time" before other sovereigns targeted their diplomatic adversaries. The case began in 2019, and is making its second trip to the Supreme Court. In 2023, the court said Halkbank wasn't shielded from prosecution under the federal Foreign Sovereign Immunities Act of 1976, but left open whether the bank deserved immunity under the common law, based on court decisions rather than statutes. The Supreme Court may not decide until its term beginning in October whether to hear Halkbank's appeal. Halkbank said it is 91.49% owned by the Turkish Wealth Fund, which is owned by Turkey. The case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The case is Turkiye Halk Bankasi AS v. United States, U.S. Supreme Court, No. 24-1144.
Straits Times
07-05-2025
- Business
- Straits Times
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges Turkey's state-controlled Halkbank asked the U.S. Supreme Court to throw out a lower court ruling saying it could be prosecuted on criminal charges it helped Iran evade American sanctions. In a petition posted this week on the Supreme Court's website, Halkbank said it was entitled to "absolute immunity" under the common law because the sovereign immunity that countries have extends to their instrumentalities. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. Prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, and helped launder money through the U.S. financial system. In October, the federal appeals court in Manhattan decided that Halkbank could be prosecuted. "The decision below thus authorizes the first criminal trial of a foreign sovereign instrumentality in world history," Halkbank said in its Supreme Court petition. Halkbank also said the decision exposed U.S. agencies such as the Navy, CIA and Export-Import Bank to possible criminal prosecution outside the country, and it was "only a matter of time" before other sovereigns targeted their diplomatic adversaries. The case began in 2019, and is making its second trip to the Supreme Court. In 2023, the court said Halkbank wasn't shielded from prosecution under the federal Foreign Sovereign Immunities Act of 1976, but left open whether the bank deserved immunity under the common law, based on court decisions rather than statutes. The Supreme Court may not decide until its term beginning in October whether to hear Halkbank's appeal. Halkbank said it is 91.49% owned by the Turkish Wealth Fund, which is owned by Turkey. The case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The case is Turkiye Halk Bankasi AS v. United States, U.S. Supreme Court, No. 24-1144. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Mint
07-05-2025
- Business
- Mint
Turkey's Halkbank Asks US Supreme Court to Toss Out Criminal Case
Turkey's state-owned Halkbank asked the US Supreme Court to consider tossing out criminal charges accusing the bank of helping Iran evade economic sanctions. In an appeal docketed at the high court Wednesday, Halkbank contended it is protected from prosecution by sovereign immunity. The filing follows a federal appeals court ruling in October rejecting Halkbank's arguments. Prosecutors allege that Halkbank helped free up $20 billion of restricted Iranian funds and helped launder at least $1 billion through the US financial system. The appeal centers on an issue the Supreme Court left open in 2023, when it said Halkbank wasn't protected by a 1976 federal statute that confers immunity on foreign governments in many circumstances. The high court said that law applies only to civil lawsuits, not criminal prosecutions. The bank now contends it is immune under what is known as 'common law,' the judge-made set of legal rules that sometimes apply when no statute governs. 'No court in history has ever criminally tried the instrumentality of another co-equal sovereign — even in cases involving commercial conduct,' Halkbank argued in its appeal. Halkbank's appeal is an 'uphill climb unlikely to succeed,' Bloomberg Intelligence analyst Elliott Stein said in April. He said the bank's best bet is likely to be a settlement with the Trump administration at a potential cost of $1 billion to $2 billion. Depending on how quickly the Justice Department files a brief in response, the high court might not say whether it will hear the appeal until its new term starts in October. The case is Turkiye Halk Bankasi v. United States, 24-1144. With assistance from Bob Van Voris. This article was generated from an automated news agency feed without modifications to text.
Bloomberg
07-05-2025
- Business
- Bloomberg
Turkey's Halkbank Asks US Supreme Court to Toss Out Criminal Case
Turkey's state-owned Halkbank asked the US Supreme Court to consider tossing out criminal charges accusing the bank of helping Iran evade economic sanctions. In an appeal docketed at the high court Wednesday, Halkbank contended it is protected from prosecution by sovereign immunity. The filing follows a federal appeals court ruling in October rejecting Halkbank's arguments.
