Shares in three of China’s largest banks fell on Tuesday in response to fears they could be singled out for US penalties over alleged breaches of North Korean sanctions.
Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank were found in contempt by a US court for failing to comply with subpoenas related to investigations into North Korean sanction breaches, according to the Washington Post.
The report, which refers to a document posted to a US district court website on May 15, also said that Shanghai Pudong Development Bank could lose banking privileges in the US after violating a subpoena issued under the US Patriot Act.
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