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General Court annuls sanctions imposed on Iranian Bank Tejarat

23/01/15

The General Court in Case T-176/12 today annulled the sanctions imposed on one of the major Iranian banks, Bank Tejarat. The Court held that the Council had failed to substantiate any of the allegations it had made against the Bank, including that it had moved millions of dollars to assist the AEOI to acquire yellowcake uranium. The Bank had always denied all the allegations against it and the Court found that the Council had failed to prove any of them and had committed a manifest error of assessment in listing the Bank.

The judgment is here.

Judgment

Professor Derrick Wyatt QC and Richard Blakeley acted for Bank Tejarat, instructed by Zaiwalla and Co LLP.