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WHOLESALE BANKING | Cesar Tordesillas, Japan
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Bank of Tokyo-Mitsubishi UFJ freezes $2.6B Iranian assets

A Japanese bank frozen halted US$2.6 billion assets ofthe Iranian government after a U.S. court order.

 

A Bank of Tokyo-Mitsubishi UFJ spokesman said that this was due to the 1983 bombing of U.S. barracks in Beirut.

“One of the reasons for the appeal is that the U.S. court has ordered a freeze on assets in accounts not only in the United States but also in Japan, which is problematic under Japanese law,” the spokesman said.

“We cannot comment on how much or whose assets related to Iran are in the bank's accounts,” he added, whileadmitting that the bank “handles a relatively large number of transactions for trade with Iran.”

The court order reflects “the amount that the court in 2007 upheld for compensation demands by families of victims of the 1983 attacks on U.S. forces in Beirut,” he said.

The bank has lodged an appeal against the U.S. court order on Thursday.

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