KEB Hana Bank

Banking
KRX: 086790
South Korea

"Enterkhab, owned by Iran’s Mohammad Reza Dayyani, recently got international court approval at Rotterdam, the Netherland, to seize assets of Samsung Electronics, LG Electronics, KEB Hana Bank and others, according to officials.

The compensation dispute between the Iranian company and the Korean government dates back to 2010, when the Dayyani family -- largest shareholder of Iranian home appliance seller Enterkhab -- failed to acquire Daewoo Electronics.

Selected as a priority bidder to acquire the electronics company, Entekhab paid 57.8 billion ($51.5 million) as a 10 percent down payment. But creditors later annulled the deal, citing the lack of transparency in financing plans and refused to pay back the money.

Suspecting that the Korean government wrongfully interfered in the transaction, under pressure from Washington, Dayyanis filed an investor-state dispute lawsuit." (Korea Herald, "Iranian firm likely to seize assets of Korean firms amid dispute," 8/20/2019).

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"KEB Hana Bank is facing an investigation for possible human rights violations after the bank was found to have requested its Iranian customers to close their bank accounts, according to the National Human Rights Commission (NHRC) Friday...KEB Hana Bank said it requested dozens of its Iranian customers here to close their banks via email and telephone between the end of September and Oct. 12.The lender has also suspended deposit and withdrawal services for Iranian customers here since Oct. 31." (Korea Times, "KEB Hana Bank under probe for discriminating against Iranian customers," 11/9/2018).

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“According to Iranian Embassy in South Korea, Iranians can open bank accounts from October 5 in all branches of KEB Hana Bank and Woori Bank and carry out banking transactions,” Pooya Firoozi was quoted as saying." (Financial Times, "Iran's Banking Problems With South Korea Resolved," 10/9/2018).

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"South Korea's finance minister said on Thursday his country will start trading with Iran using the euro on Aug. 29. 'It will be implemented from next Monday,' Yoo Il-ho told reporters in Seoul, referring to a decision which will allow trade between the two nations to be settled in the euro. The move 'will greatly resolve obstacles that stood in the way of facilitating investment and trading with Iran,' Yoo said, and added that KEB Hana Bank, Shinhan Bank and Woori Bank have been selected as settlement banks. Up till now, South Korea's purchases of Iranian oil and payments for construction projects in Iran have been settled in the won, restricting business activities even after the lifting of Western sanctions against the Middle Eastern country." (Reuters, "South Korea to start trading with Iran in euro on Aug 29," 08/25/2016).