UPDATE 1-Halkbank not Turkey will pay any U.S. fine, deputy PM says

From Reuters - January 12, 2018

ISTANBUL (Reuters) - Any fine levied against Halkbank (HALKB.IS) by the United States will be paid by the bank itself and not the Turkish government, the countrys Deputy Prime Minister Mehmet Simsek was quoted as saying on Friday.

A U.S. jury last week convicted a Halkbank executive of bank fraud and conspiracy to violate U.S. sanctions against Iran in a sanctions-busting case that Turkey has said is a political attempt to undermine its economy.

Halkbank, which is majority state owned, has denied wrongdoing and has said all of its transactions were in line with local and international regulations.

If Halkbank receives a fine, Halkbank will pay this. We will not borrow for Halkbank, Simsek, who is responsible for the Turkish Treasury, told the Hurriyet newspaper.


Continue reading at Reuters »