Jan 04 2018

Turkey expected to negotiate on Halkbank fine – columnist

Turkey will probably seek to agree the conditions of a possible fine against state-run Halkbank in order to avoid sanctions against the operations of the country's banks, according to Abdulkadir Selvi, a columnist for the Hürriyet newspaper.

The government, while criticising the U.S. trial of Halkbank Deputy General Manager Mehmet Hakan Atilla on charges of breaking sanctions on Iran, is making preparations in expectation of a financial penalty against the bank, Selvi told CNN Turk news channel, according to Hürriyet.

“I believe that Ankara, like other countries whose banks have received fines, may reduce the size of the fine and extend the term of an financial penalty through some negotiations,” he said.

Atilla was found guilty of conspiracy and bank fraud in relation to Iran sanctions-busting by a jury in New York on Wednesday. He has the right to appeal the verdict.

Halkbank released a statement to the Istanbul Stock Exchange earlier on Thursday saying it complies with international banking regulations and is constantly improving its policies in that regard.

Click here to read the article in Turkish