Turkey proposes settling Halkbank case with US for $100 million

According to information obtained by international agencies, Turkey has submitted a settlement proposal to the US to end the court proceedings in the Halkbank case. It is stated that this proposal includes the condition that the bank does not admit guilt. According to diplomatic sources, reaching an agreement with this condition is of great importance to Ankara.

Halkbank is being tried in US courts on charges of fraud, money laundering, and conspiracy. The bank is accused of helping Iran evade US sanctions through gold and cash transfers based on oil revenues. US prosecutors believe that approximately 20 billion dollars were transferred to Iran through fake food trade between 2012 and 2015.

The bank categorically denies the accusations and had filed an appeal arguing that it could not be tried in the US on the grounds that it is a "state bank." However, the US Supreme Court rejected Halkbank's immunity appeal this week and decided that the criminal case should continue. Following this development, a 10 percent loss in value was observed in Halkbank shares.

In a statement made by Halkbank officials, it was stated that "the search for a settlement within the scope of ongoing negotiations between the US and Turkey is continuing positively."

The Halkbank case has continued to be a significant point of tension in relations between Ankara and Washington for years. After Turkey's purchase of the S-400 air defense system from Russia, the US administration's removal of Turkey from the F-35 fighter jet program and the imposition of some sanctions in the defense industry had further strained relations.

Experts assess that a possible agreement for Halkbank could contribute to the softening of diplomatic relations between Turkey and the US.

In previous years, multi-billion dollar fines were imposed on major European banks for similar sanctions violations. For example, France's BNP Paribas agreed to pay a 9 billion dollar fine in 2014 for violating sanctions related to Sudan, Cuba, and Iran. HSBC, Credit Suisse, and several other financial institutions were also hit with heavy fines for similar violations.

News Source: 12punto