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Blacklisted Iranians Sue to Regain Ownership of Georgian Bank

By Kira Zalan

UPDATE APPENDED: The blacklisted former owners of a Tbilisi-based bank are seeking to reclaim the company they once lost control over in the wake of U.S. allegations that they had aided Iran. The U.S. Treasury Department blacklisted Iranian nationals Pourya Nayebi, Houshang Hosseinpour, and Houshang Farsoudeh in February 2014 for their purported use of front companies and "a licensed Georgian bank" to facilitate transactions in the tens of millions of dollars for sanctioned Iranian financial institutions, including Bank Melli, Mir Business Bank, Bank Saderat and Bank Tejarat. The National Bank of Georgia had by then put the unnamed institution-JSC Investbank-under...

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