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Halkbank Says Role in Iran Gold Legal After CEO Arrest

Turkiye Halk Bankasi AS, the state-run bank that slumped 19 percent since a graft probe implicating four ministers erupted last week, said it has acted lawfully after police arrested its chief executive officer.

Payments made by the bank on behalf of companies exporting gold to Iran were transparent and traceable, Halkbank said in a filing to the Istanbul bourse today. There were no rules against trading precious metals with Iran until July 1 and the bank ceased the transactions on June 10 after it became public that the U.S. planned new sanctions, it said.