A report on the Guardian said lawyers for Iranian bank Bank Mellat are expected to file a lawsuit against the UK government in relation to the Middle eastern country's ban from trading in the British region. The lawsuit, which will be filed by Zaiwalla and Co on behalf of Bank Mellat in the commercial court in London, will claim that the UK government's ban on Iran to trade has prohibited the latter to enjoy the financial position if the business restrictions were not imposed back in 2009, the UK newspaper said. The representation of the Iranian bank is seeking damages at an estimated £1 billion.
Bank Mellat had been accused of providing funds to support the nuclear program of Iran under the UK's Terrorism Act 2000, the Guardian said. Earlier, sanctions against the Iranian bank had been overturned by a supreme court ruling. The UK Treasury, along with the European Union, reportedly applied to intervene in favor of upholding the sanctions imposed against Bank Mellat at the European court of justice. The Treasury claimed that Bank Mellat funded the firms connected with the nuclear program of the Iranian state and that the bank is under state control, the Guardian stated. The British government, despute the supreme court ruling, appeared to have not moved from its stance to ban Bank Mellat from trading in the region.
Sarosh Zaiwalla, the solicitor acting for Bank Mellat, told attorney general Dominic Grieve QC in a letter, which read, "The supreme court is the highest court of the UK and the British government is obliged to honour its decision, both in letter and sprit ... The supreme court decision showed the world that British justice is independent and now we need to make a collective show to the world that the British government acts in accordance with the principle of rule of law, regardless of any political exigencies."
