A U.S. appeals court has denied Halkbank’s claim to immunity from charges of facilitating Iran’s breach of U.S. sanctions, emphasizing that foreign state-owned companies can face U.S. prosecution for criminal conduct related to commercial activities.
On Tuesday, a U.S. appeals court denied Turkey’s Halkbank’s request for immunity from criminal charges related to its alleged facilitation of Iran’s evasion of U.S. sanctions. The ruling from the 2nd U.S. Circuit Court of Appeals, based in Manhattan, establishes that there is no legal foundation for a foreign state-owned entity to claim absolute immunity against U.S. prosecution when associated with purported criminal actions in commercial operations.
Halkbank, a state-owned Turkish bank, has been embroiled in legal challenges arising from accusations that it assisted Iran in circumventing U.S. sanctions. These sanctions were implemented to restrict Iran’s nuclear program and related activities. The U.S. courts have examined the legal status of foreign state-owned corporations, affirming the principle that these entities are subject to U.S. laws when involved in alleged criminal activities. The ongoing case against Halkbank is significant not only for the bank but also for U.S.-Turkey relations and the enforcement of international sanctions.
The decision by the 2nd Circuit Court affirms that foreign state-owned corporations do not possess an inherent right to immunity from U.S. prosecution for alleged acts of criminality, highlighting a robust stance by U.S. judicial authorities on the enforcement of sanctions. This ruling could have far-reaching implications for Halkbank and its operations, illustrating a commitment to uphold the legal framework surrounding international sanctions.
Original Source: www.jpost.com
