Jack On Tuesday, August 10, 2010

South Korea finds itself required to make a choice between two equally competing priorities over Iran. At the instant, it looks to be a matter of time before it goes after the branch of an Iranian bank in Seoul.

Seoul has establish evidence of wrongdoing at the Seoul branch of Bank Mellat, Iran’s state commercial bank, but is biding its time over punishing the Iranian bank, an official at the finance ministry said.
The United States has provided useful information to Korean auditors, the administrator said. In return, Korea notified the United States what it found during the audit. But it is not going to use the result to punish Bank Mellat right now.

“The United States wants us to follow their lead to impose strong sanctions, but we told them that the evidence is not well-built enough to order a shutdown,” he said.


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