China’s SPD Bank won’t cooperate with D.O.J subpoena


There are indications that China’s Shanghai Pudong Development Bank might not cooperate with the U.S. Department of Justice for a subpoena to query the bank’s dealing with North Korea.

Chinese state affiliated Global Times said in a tweet that SPD will not cooperate with the subpoena because ” to #China law, any individual or organisation must not disclose information to overseas parties without permission.”

SPD and two other Chinese banks are under trial for failing to comply with a court order on a subpoena into their involvement in North Korea.

An indictment could see the three Chinese banks lose their access to the U.S. market.

While the court did not identify them, Reuters cited a 2017 civil forfeiture filing which involved the trio of Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.

In the 2017 filing, the U.S. Department of Justice accused the banks of using a Hong Kong company, which allegedly laundered over $100 million for North Korea’s sanctioned Foreign Trade Bank, according to the paper.

A spokesperson for China Merchants Bank confirmed the matter but did nor comment.