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Italian Court Orders Iran Asset Freeze

 
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cyrus
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PostPosted: Tue Dec 13, 2005 12:35 pm    Post subject: Italian Court Orders Iran Asset Freeze Reply with quote

Italian Court Orders Iran Asset Freeze
December 12, 2005
The Financial Times
Guy Dinmore

http://news.ft.com/cms/s/ca6ec07c-6b65-11da-8aee-0000779e2340.html

A court in Italy has ordered the freezing of an Iranian government account held in a Rome bank in what lawyers say represents an unprecedented legal victory for three US families seeking compensation from Iran for its alleged support of Palestinian suicide bombings that killed their relatives.

Lawyers and activists in Washington said their success in Italy was likely to be followed by similar cases against Iran in other courts in Europe and possibly Asia. The ruling could also open the floodgates to similar civil cases against the Islamic regime and other states accused by the US of sponsoring terror.

A civil court in Rome ordered Banca Nazionale del Lavoro (BNL) last week to freeze an account held by the Iranian government, drawing diplomatic protests from Tehran on the basis that Iran’s official accounts were protected by the Vienna Convention governing diplomatic relations.

“It’s not about blood money,” said Steven Flatow, a US lawyer from New Jersey whose daughter Alisa was killed by a Palestinian suicide bomber on a bus in Gaza in 1995. He told the Financial Times that the three families brought their case to demonstrate they had the power to deliver the message to Iran that it should stop supporting terrorist groups.

The other two US families involved sought compensation for Sara Duker and Matthew Eisenfeld, an engaged couple killed together by a Hamas suicide bomber on a Jerusalem bus in 1996.

The three families were the first to take advantage of a 1996 law that authorised Americans to sue for damages those nations designated by the US as sponsors of international terrorism.

The US courts accepted arguments that Iran had a direct role in both bombings through its support and training of the militant groups that claimed responsibility. In 1998 and 2000 the courts awarded damages of $374m plus interest. After wrangling with the Clinton administration, the three families shared about $56m taken from Iranian assets already frozen in the US.

They then took their case across the Atlantic to seek the balance and continue their campaign for justice.

Legal experts said the Rome court had adopted the rulings of the US courts. A further hearing is expected to determine how to award the frozen funds.

The Iranian government did not contest any of the US or Italian cases in court, but sought redress in direct contact with the capitals.

According to Italian reports, an Italian foreign ministry official wrote to the Rome court in an apparent effort to stop the freezing. But Gianfranco Fini, foreign minister, intervened on behalf of the Americans, according to Mr Flatow.

Senator Frank Lautenberg, a New Jersey Democrat who has followed the case closely, said: “Nations that sponsor terrorism like Iran need to stop hiding behind legal technicalities that help them evade accountability. Those who have suffered at the hands of these terrorists should not be denied justice.”


Last edited by cyrus on Fri Feb 16, 2007 11:24 pm; edited 1 time in total
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PostPosted: Wed Dec 14, 2005 8:23 pm    Post subject: Reply with quote

Thank you Italy & Italians for your support...... We will remember those who helped us and those who caused obstruction and were barriers............I am talking to you France, Germany, England, Russia, China..........
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Morning Light



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PostPosted: Sun Dec 25, 2005 3:11 am    Post subject: Reply with quote

Germany I think is starting a great change. Merkell is no Schroeder Appeasement Monkey. She has stated her support for Israel, sold Israel Nuclear Submarines, and has also stated support for the Kurds. That is not something anyone who would support the IRI and opression of Iranians for profit would do.

France, England, and China though still need to wake up and learn what the IRI is.
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PostPosted: Thu Jan 05, 2006 4:44 pm    Post subject: Reply with quote

http://www.latimes.com/news/nationworld/politics/wire/sns-ap-treasury-weapons-proliferation,1,6051412.story?coll=sns-ap-politics-headlines

U.S. Clamps Down on Iranian Companies
By JEANNINE AVERSA
AP Economics Writer

10:19 AM PST, January 4, 2006

WASHINGTON ? The Bush administration acted Wednesday to tighten the financial clamps on two Iranian companies suspected of helping to proliferate weapons of mass destruction through involvement in the country's nuclear program.

The action taken by the Treasury Department's Office of Foreign Assets Control targets Novin Energy Co. and Mesbah Energy Co.

The department ordered U.S. banks to freeze any bank accounts or other financial assets found in the United States that belong to these two companies. The U.S. government also is prohibiting Americans from doing business with the two entities.

Treasury's sanctions come one day after the United States warned Iran against pursuing new nuclear research.

Iran on Tuesday said it planned to resume nuclear fuel research after a 2 1/2 year hiatus. It wasn't specific about what research or development activities it would undertake, but said the work would be unrelated to nuclear fuel production. That fanned fresh concerns in the West that Tehran was trying to build an atomic weapon.

Novin and Mesbah are believed to be owned or controlled or acting on behalf of the Atomic Energy Organization of Iran, which the U.S. government designated in late June of 2005 as being a proliferator of weapons of mass destruction, the Treasury Department said.

A presidential executive order issued at that time provided the United States with the power to take Wednesday's action against the two Iranian companies.

Novin allegedly transferred "millions of dollars" on behalf of the Atomic Energy Organization of Iran "to entities associated with Iran's nuclear program," the Treasury Department said. Novin operates within the agency and shares the same address , the department said.

Mesbah "has been used to procure products for Iran's heavy water project," Treasury said. "Heavy water is essential for Iran's heavy-water-moderated reactor project, which will provide Iran a potential source of plutonium well-suited for nuclear weapons," the department alleged. "Heavy water is believed to have no credible use in Iran's civilian nuclear power program," it added.

"Identifying and designating supporters of WMD proliferation disrupts the networks that are vital to illicit weapons programs," said Stuart Levey, Treasury's under secretary for terrorism and financial intelligence.




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PostPosted: Thu Jan 05, 2006 4:48 pm    Post subject: Reply with quote

Morning Light wrote:
Germany I think is starting a great change. Merkell is no Schroeder Appeasement Monkey. She has stated her support for Israel, sold Israel Nuclear Submarines, and has also stated support for the Kurds. That is not something anyone who would support the IRI and opression of Iranians for profit would do.

France, England, and China though still need to wake up and learn what the IRI is.



Please read the link for the full story.
Germany's Iran Policy: Follow the Money
http://medienkritik.typepad.com/blog/2005/12/iran.html

Have you ever wondered about the German government's soft policy towards the Iranian Mullah regime?
Follow the money...
For the last 25 years, the German government has offered its good offices to the anti-Semitic Mullahs in Tehran with a shamelessness unrivalled by any other western government. ...
Germany is today by far the most important supplier of goods to Iran and its exports are increasing at a steady 20% per year. In 2004, German exports to Iran were worth some ?3.6 billion. At the same time, Germany is the most important purchaser of Iranian goods apart from oil and Iran?s most important creditor.
You need to read the complete version of Matthias Kuentzel's analysis (Are 500,000 Keys to Paradise Enough?: Germany "Confronts" Ahmadinejad) at the indispensable Transatlantic Intelligencer...



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PostPosted: Fri Jan 27, 2006 4:46 pm    Post subject: Reply with quote

It is about time, for European countries to stop doing business with iri...




----- Original Message -----
From: Ramin Etebar, MD
To: Ramin Etebar, MD
Sent: Tuesday, January 24, 2006 2:20 AM
Subject: Another Kiss of Death-Credit Suisse shuts door to clients from Iran

Credit Suisse shuts door to clients from Iran swissinfo
January 23, 2006 10:01 PM
A new logo but no new clients from Iran and Syria (Keystone Archive)
Credit Suisse, Switzerland's second largest bank, says it will not be entering into any new business with clients in Iran and Syria.
The announcement comes just a day after its rival, UBS, announced it was severing ties with all clients in Iran.
Credit Suisse said on Monday that it would not be taking on any more new business in the countries concerned, but current ties to clients would be continued.

The step, which also applies to clients from North Korea, was taken because of the geopolitical situation and as a result of internal risk assessment, a spokesman said.

On Sunday Credit Suisse said it was watching the situation in Iran closely but argued it could not terminate relationships at short notice.

Tehran faces referral to the United Nations Security Council for possible sanctions after failing to convince the world that its nuclear programme is peaceful.

Iran, Syria and North Korea have been tagged as rogue nations by the United States ? a major market for Switzerland's two biggest banks.

Severing ties

On Sunday, UBS - the world's sixth largest bank - said existing ties with all its Iranian clients would be cut because the business was unattractive.

The announcements are seen as a radical departure from the previous public relations strategy of Switzerland's leading commercial banks.

In the past they refused to disclose any information on business relations with clients from Syria.

Iranian clients hold SFr1.4 billion ($1.1 billion) in assets in Swiss banks, according to data from the Swiss National Bank, while Syrian deposits account for SFr8.6 billion.

Switzerland is the world's largest centre for off-shore wealth and is considered a safe haven for clients from countries where political or regulatory instability bars them from putting their money into a local bank.

The US has imposed financial sanctions on Syria, but there are no international regulations banning financial dealings.

However, under due diligence rules Swiss banks have to check the identity of their clients.

swissinfo with agencies

--------------------------------------------------------------------------------

URL of this story

http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=6406554

Related Sites

Credit Suisse: http://www.creditsuisse.com/

Credit Suisse share price: http://www.swx.com/market/shares/quotes/swiss/quote_chart_en.html?id=CH0012138530CHF1

UBS: http://www.ubs.com/1/e/index.html

UBS share price: http://www.swx.com/market/quote_chart_en.html?id=CH0012032030CHF1
UBS Cancels All Banking Business With Iran
Associated Press/Forbs

01.22.2006

http://www.forbes.com/business/businesstech/feeds/ap/2006/01/22/ap2466839.html

Swiss banking giant UBS AG said Sunday it has stopped doing business with Iran because of the company's economic and risk analysis of the situation in the country.

UBS will no longer deal with individuals, companies or state institutions such as Iran's central bank, said company spokesman Serge Steiner. A similar policy is also being implemented in the case of Syria, he said.

All existing business with customers in Iran will be canceled, but Iranians in exile are not affected by the decision, Steiner said, confirming an article in Swiss weekly SonntagsZeitung.

"It is a carefully prepared measure that has been under consideration since last fall," Steiner said.

Iran, under increasing international pressure over its nuclear program - and mindful of the freezing of its U.S. assets after the 1979 seizure of the American Embassy in Tehran - has already begun transferring its reserves from European banks to an undisclosed location.

Steiner declined to specify the volume of business affected by the bank's decision.
UBS quits Iran
January 22, 2006

Swiss Info

http://www.swissinfo.org/sen/swissinfo.html?siteSect=106&sid=6402708&cKey=1137927025000
Switzerland's largest bank, UBS, has confirmed that it is ceasing all operations in Iran.
UBS corroborated the report in the German-language newspaper, SonntagsZeitung, stressing, however, that the decision's implementation had already begun in autumn 2005.

All existing business with Iranian customers ? barring those in exile ? would be wound down, although it was unclear how long this process would take.

Company spokesman Serge Steiner added that the measure was a result of an internal risk assessment, which took into account that Iran was tagged as one of the countries belonging to the so-called axis of evil.

In the end, it was also a question of revenue and expense, said Steiner, and that the burden of regulatory compliance in countries like Iran was simply too heavy.

However, he insisted that it had nothing to do with the current crisis that has erupted over Iran's recent resumption of its nuclear programme in the face of international opposition.
Others
Switzerland's second largest bank, Credit Suisse, admitted that it too was watching the situation in Iran very closely.

Meanwhile, Iran has denied that it is shifting foreign reserves out of Europe in a pre-emptive move ahead of possible United-Nations sanctions over its nuclear programme.

The UN's International Atomic Energy Agency is due to meet in February to discuss whether Teheran should be referred to the UN Security Council.

The latter has the power to impose international sanctions.
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