Permanent Court of Arbitration Hands Win to Iranian Banks Over Future Bank Closure
The Permanent Court of Arbitration ordered Bahrain to pay more than $270 million in legal fees and damages to Iranian state-owned Bank Saderat and Bank Melli, The Washington Post reported. The win for the Iranian banks came after Bahrain's forced…
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closure of Future Bank in 2015, the result of allegations that the institution facilitated money laundering and the evasion of U.S. and U.N. sanctions. A three-arbitrator panel at the court held that Bahrain violated its own banking policies, motivated primarily by a political animus toward Iran. Future Bank, established in Bahrain in 2004 with the backing of the two Iranian banks, was forced to close its doors a few weeks after the Iran nuclear agreement was signed by Iran and the U.S, along with five other world power countries.