China Merchants Bank, Bank of Communications and Shanghai Pudong Development Bank dismiss US’s North Korea sanctions breach charges
- Lenders respond to Washington Post report, say they have complied with international and Chinese law
- Urge US authorities to follow cross-border investigation framework
Mainland Chinese commercial banks China Merchants Bank, Bank of Communications (Bocom) and Shanghai Pudong Development Bank (SPDB) on Tuesday dismissed allegations they were in possible breach of US sanctions against North Korea.
In statements issued after their stocks were hammered by a Washington Post report alleging misconduct, the lenders said they have been complying with international and Chinese laws, and were not involved in any investigations related to a possible breach of the sanctions.
China’s ministry of foreign affairs voiced its opposition to possible sanctions against the banks. It said Beijing was committed to upholding United Nations Security Council resolutions against North Korea, and that it not only required individuals and financial institutions to follow all sanction resolutions passed by the UN, but had also urged overseas branches of Chinese financial companies to comply with local rules.
“Meanwhile, we are also opposed to the so-called long arm enforcement imposed by the US authorities on Chinese companies,” Geng Shuang, a ministry spokesman, said at a press briefing in Beijing.
