The CEO of the US bank accused of “scheming” with Iran to dodge economic sanctions is a top executive at the Department for Health. Peter Sands was appointed lead non-executive director at DH by, erm, Andrew Lansley last year.
Sands served as CEO of Standard Chartered bank from 2006, which overlapped with the 2001-2010 period in which New York State’s Department of Finance has claimed that the bank “schemed with the government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250bn”
The episode is redolent of the scandal surrounging trade minister and former HSBC boss Lord Green, whose bank was similarly chastised by US authorities after allowing drug cartels to launder money. It seems that former Labour trade minister Lord Mervyn Davies was also a key player at Standard Chartered, during the relevant period.
The Department of Health website says of Sands:
“During Peter’s tenure as CEO, Standard Chartered has successfully navigated the financial crisis without any recourse to Government support”
Would $250bn of Iranian transactions count as “government support”?