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Friday March 22, 2013

StanChart: Comment not accurate


LONDON: Standard Chartered chairman John Peace apologised yesterday for inaccurate comments he made earlier this month about his bank breaching US sanctions over Iran.

The highly unusual retraction indicated US regulators had put pressure on the bank to clarify the comments following a high-profile settlement last year which cost Standard Chartered US$667mil.

Peace said on March 5 at a press conference with reporters that Standard Chartered “had no willful act to avoid sanctions.”

But in a statement yesterday, he said those comments were “both legally and factually incorrect” and he retracted them.

He said they directly contradicted the bank's acceptance of responsibility.

“To be clear, Standard Chartered Bank unequivocally acknowledges and accepts responsibility ... for past knowing and willful criminal conduct in violating US economic sanctions laws and regulations,” Peace said in the statement. Reuters

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