Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
IRANIAN BANK SANCTIONS LIFTED BY THE UK SUPREME COURT AS SECURITY SERVICE'S “SECRET COURT”
 

FAILS TO PRODUCE SIGNIFICANT EVIDENCE

The UK Supreme Court delivered its judgment this morning in respect of the Bank Mellat appeal in relation to its listing under the Iran nuclear sanctions list. Because of the importance of this case, Bank Mellat's appeal was heard by 9 out of the total 12 Supreme Court Judges.

Bank Mellat, Iran's largest private bank, has seen British sanctions held against it declared unlawful after the Supreme Court dismissed claims that its banking services facilitated Iran's nuclear programme. The result follows a victory in the European Court in January 2013, where no evidence was found connecting Iran's largest private bank to the government's nuclear programme.

The ruling will come as a gift to Iran's newly elected President, whom commentators hope will aim to progress towards a mutually acceptable resolution of Iran's nuclear activity.

The Supreme Court during the course of the appeal hearing had reluctantly entered into “secret session” for the first time in its history after pressure from HM Treasury, effectively barring the Bank from accessing the evidence against it. The failure of the Treasury to produce compelling evidence, despite the controversial new powers, puts the spotlight back on to the Justice and Security Bill, which expanded the system of closed courts to civil cases.

The Supreme Court is now expected to order the British Government to pay Bank Mellat all of its legal costs and damages for the wrongful listing of Bank Mellat.

Zaiwalla & Co Solicitors, the international London bases law firm representing the bank, had argued against the imposition of closed courts on the grounds that it contravenes the British common law principle of open justice.

The ruling sends a strong message to the UK government that political expediency is not a sufficient legal justification for sanctions placed against Iranian private businesses which operate out of Iran. Ultimately, the Supreme Court has upheld the principle of Rule of Law.

This judgment will also give enormous confidence world over of the independence of British Judiciary and will set an example to show that even controversial disputes can be resolved applying the principle of Rule of Law through the British Courts.

After the failure of Bank Mellat before the English High Court and the Court of Appeal, Bank Mellat had replaced its earlier large City of London law firm Stephenson Harwood in favor of Zaiwalla & Co in 2010 and has since gone from strength to strength in the European and now Supreme Court. The firm, led by Sarosh Zaiwalla, have shown that even in cases of national security, the UK government must abide by the rule of law, with the sum of the justifications for the sanctions considered “arbitrary”, “irrational” and “discriminatory”.

Sarosh Zaiwalla, Senior Partner, Zaiwalla & Co Solicitors says: “Today's ruling is a victory for the rule of law as much as it is for Bank Mellat. The judgement will put enormous confidence in the independence of the British Judiciary and sets an example that even controversial disputes can be resolved by applying the principle of rule of law through the British courts.

Nevertheless, the reading of the closed judgement clearly contravenes the British principle of open justice, the bank's success demonstrates just how unjustified closed sessions are.”


Posted by : Dubai PR Network Editorial Team
Viewed 14847 times
PR Category : Banking & Investments
Posted on : Wednesday, June 19, 2013  11:30:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Standard Chartered celebrates launch of VISA Infinite Credit...
Next Story : National Bonds Announces First Group of Winners in New Rewar...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [4081-Views]
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [3605-Views]
Introducing Lunette: A Tool to Empower Women [3593-Views]
Corum Golden Bridge Titane DLC - black beauty for the man of style [3422-Views]
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19 [3379-Views]
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection [3135-Views]
Ferragamo Urban - 2019 Fall/Winter Collection [2873-Views]
GUESS - The Perfect Tote [2855-Views]
The future of photography and videography is in Canon's hands, with five 2019 EISA Awards [2714-Views]
Aesop's Parsley Seed Skin Priming Regimen [2708-Views]
Corum Admiral Legend 42-Icon ahead [2672-Views]
Ralph Lauren Debuts “Wear Your Story” Denim Campaign [2654-Views]
Sandro: The Power Suit [2599-Views]
Forecasting Mesmerising Sea Views and Exotic Seafood at Gonu [2574-Views]
Al Ain Hospital doctors save young girl from 2.5 cm pin in her lungs [2544-Views]
Hormann announces speed rolling shutter DD S6 [2544-Views]
Modular Sofa's by Boconcept [2538-Views]
Jaguar I-pace: Redefining What It Means to Be a ‘CAR' [2532-Views]
Rock Chic Edit with GUESS [2501-Views]
GEMS Education students shine with excellent A-Level examination results [2470-Views]
Spare a thought for abandoned cats today – International Cat Day! [2434-Views]
Tazio Nuvolari Vanderbilt Cup [2403-Views]
Acclaimed Coin Collector to Pay Homage to UAE with Rare Coin Collection at ‘Year of Tolera... [2373-Views]
Marks & Spencer Celebrates the Success of its First Ever Vegan-Friendly Line – PLANT KITCH... [2306-Views]
Abu Dhabi Airports completes preparations for the return of Hajj pilgrims [2263-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories