Tagged: Bank Mellat

‘Bank Mellat appeal has global implications’

‘Bank Mellat appeal has global implications’

After the European Union imposed sanctions on Iran-based Bank Mellat and removed them in January, the EU Council has now launched an appeal against the decision of the court. However, Bank Mellat is at present considering applying to the EU Court to strike out the EU Council’s appeal on the grounds that the appeal was filed too late. According to Sarosh Zaiwalla, senior partner at Zaiwalla & Co, the EU Council appealed the decision due to political pressure from the United States government to reinstate sanctions. He stressed the importance of an independent court system in order to deal with businesses who have disputes criss-crossing legal borders.

EU Removes Iran’s Bank Mellat from Sanctions List

EU Removes Iran’s Bank Mellat from Sanctions List

Managing-Director of Bank Mellat Ali Divandari announced that his bank has been removed from the European Union’s sanctions list. The EU Council had listed Bank Mellat and its then-chairman Dr Divandari in the designated list in July 2010 on the basis …

EU court annuls sanctions on Iranian Bank Mellat

EU court annuls sanctions on Iranian Bank Mellat

The European Court of Justice annulled the European Union (EU) sanctions imposed against the Iranian Bank Mellat in July 2010. According to the bank’s Managing-Director Ali Divandari, the Court also required the EU to cover the costs of legal procedure…

Iranian Bank’s Record Profit In Turkey

Iranian Bank’s Record Profit In Turkey

Bank Mellat prooved to have the the biggest increase in profits among all banks active in Turkey over the first six months of the year. It had profits in Turkey of 32.6 million liras ($18.5 million) in the first half, a 217% increase over last year’s f…