Top US Court to hear Halkbank’s immunity appeal
The U.S. Supreme Court has agreed to hear state-owned lender Halkbank’s appeal that it is immune from prosecution for allegedly helping Iran evade U.S. sanctions and other charges of money laundering and bank fraud.
“Our petition for a writ of certiorari with the Supreme Court of the United States asserting sovereign immunity regarding Halkbank’s ongoing criminal case in the United States was granted by the Supreme Court on Oct. 3,” the state-lender said in filing with Borsa Istanbul.
“The Supreme Court will now review our sovereign immunity appeal on its merits. The proceedings at the District Court will remain stayed until the process at the Supreme Court is completed,” the statement added.
After the U.S. Court of Appeals for the Second Circuit denied Halkbank immunity, the bank’s lawyers filed an application against the ruling.
In the application, lawyers argued that the bank should be granted immunity under the Foreign Sovereign Immunities Act.
The 1976 law defines limits on whether a foreign sovereign nation or its agencies may be sued in American courts.
Halkbank has pleaded not guilty to charges brought in 2019.
Turkish bank shares rose 10 percent on Oct. 3 after Halkbank’s announcement.