09.03.2026 20:52
A settlement has been reached in the Halkbank case between the US and Turkey. Under the agreement, the case will first be suspended; if Turkey meets the specified conditions, the case will be completely closed. Meanwhile, following the announcement of the agreement, Halkbank shares rose by 10 percent.
A settlement has been reached regarding the long-standing Halkbank case between the USA and Turkey.
IT WILL BE SUSPENDED IN THE FIRST STAGE, COMPLETELY CLOSED IN THE SECOND STAGE
According to the agreement, the lawsuit process will be suspended in the first stage. If Turkey fulfills the conditions stated in the agreement, the case will be completely closed. It is evaluated that conditions such as the payment of a certain monetary penalty, commitments to prevent similar violations from recurring, or some regulations in the bank's management may come up within the scope of the settlement. Legally, if the terms of the agreement are violated, the US prosecution has the right to reopen the case.
On the other hand, after the announcement of the agreement, Halkbank shares recorded a 10% increase.
WHAT HAPPENED?
The Southern District Attorney's Office in New York, USA, had prepared an indictment against Halkbank in October 2019, alleging that it played a role in violating sanctions imposed on Iran. Prosecutors accused Halkbank of facilitating the use of oil revenues for Iran's benefit by converting them into gold and then cash, while creating fake food trade documents to legitimize the profits. It was claimed that the bank secretly transferred $20 billion with restricted funds.
Halkbank denied the allegations of fraud, money laundering, and conspiracy in banking transactions using companies in Iran, Turkey, and the United Arab Emirates, and President Recep Tayyip Erdoğan described the US decision to prosecute Halkbank as "ugly and unlawful" during this process.
A connection had been established between the allegations in the indictment prepared for Halkbank and the investigation in which Iranian-Turkish citizen Reza Zarrab was arrested in 2016. Zarrab, accused of bypassing sanctions against Iran, accepted the charges and testified against Mehmet Hakan Atilla, the then Deputy General Manager of Halkbank, who was detained in the USA in 2017.
Hakan Atilla was tried for his role in the process of violating sanctions against Iran and returned to Turkey in 2019 after being detained for 28 months. After his return, he was appointed as the general manager of Borsa Istanbul. Atilla resigned from this position in March 2021.