A number of Standard Chartered shareholders are becoming weary of the bank’s defence regarding accusations of deceptive practices over Iranian transactions.
Since the accusations were initially presented, the bank has responded by indicating that just $14m of its transactions from Iran went against US sanctions and rules.
However, Reuters reports that shareholders are still worried that the impact of the allegations may be hugely significant. Fears are mounting that the bank will not only be subject to fines and lawsuits, but its top line of management may also leave.
Another source indicated that the bank is playing a ‘very dangerous game’ if Standard Chartered’s defence is a bluff.