Oct 5, 2019, 7:48 PM
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News Code: 83504497
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Baeidinejad hails UK court ruling in favor of Bank Mellat

London, Oct 5, IRNA – Iran's Ambassador to London Hamid Baeidinejad said on Saturday that the main feature of the UK high court verdict in favor of the Iranian Bank Mellat is payment of damages to direct account of the Iranian bank, which according to him was difficult for the UK government to accept it.

The bank's legal lawsuit against the British government was different from the common ones which are mainly based on blocking money or not delivering goods against receiving money. The lawsuit is based on applying for compensation due to imposing sanctions by the UK on Bank Mellat, he tweeted.

The most significant section of the verdict which is considered the most important victory for Iran is committing the UK government to pay damages and that was the ruling that directed the case to a new path, he said.

Baeidinejad further noted that after years of hard talks, both sides agreed on paying damages, but more significant is that despite challenges in banking transactions due to sanctions and restrictions, the sum was directly deposited to the account of Bank Mellat, another success for the Iranian bank.

Earlier, Baeidinejad described the UK court ruling requiring the Treasury to pay compensation to Bank Mellat as a major legal success.

Baeidinejad tweeted that the UK government has paid compensation to Bank Mellat based on the verdict issued four months ago.

He further noted that the compensation was paid for the illegal sanctions the UK Treasury imposed on the Iranian bank in 2009.

Bank Mellat, in which the Iranian government owns a 17 percent stake, sued the UK government over British sanctions imposed in 2009 that prevented it from doing business with the UK’s financial sector.

The Supreme Court ruled that the sanctions were illegal and a five-week hearing of the bank’s claim for damages covering its loss of business had been scheduled for June.

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