Turkey's Halkbank Plunges After U.S. Probe Extends to Lender - Bloomberg:
"The biggest state-owned bank on Turkey’s stock market plunged on Wednesday after its deputy chief executive was arrested in the U.S., accused of using his position at the bank to help facilitate evasion of U.S. sanctions on Iran.
The shares of Turkiye Halk Bankasi AS, as the lender is officially known, fell as much as 19 percent in Istanbul, the most on record. Mehmet Hakan Atilla, the deputy chief executive officer now detained in the U.S., faces charges including conspiring to evade trade sanctions on Iran and banking fraud.
Investors have been on tenterhooks since Reza Zarrab, an Iranian-Turkish gold trader accused of running a scheme to help the Iranian government to launder hundreds of millions of dollars, was arrested in the U.S. last March. Tapes released in a previous corruption investigation in Turkey showed Zarrab coordinating with Halkbank officials including Atilla."
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