Aug 7 (Lagos) - Standard Chartered Plc, London based global banking giant tumbled on the London Stock Exchange by 23% as at 11:30 am after it was accused violating United States money laundering laws relating to its dealing with Iran based banks.

According to New York 's Department of Financial Services, Standard Chartered conducted $250 billion of deals with Iranian banks over seven years and earned hundreds of millions of dollars in fees for handling transactions on behalf of institutions that are subject to U.S. economic sanctions.

The accusation just made yesterday and the stock price has eroded 23% of Standard Chartered market capitalization in the next trading session. It is not yet clear if the senior management of the bank will be made to resign if these accusations are proved.

Standard Chartered Plc operates in Nigeria but is not listed on the Nigerian Stock Exchange in Lagos. It is one of the oldest banks in the world with roots in pre-independance India. The bank has a very strong presence in Asia.

reporting for easykobo.com on Tuesday, August 7 2012 from Lagos, Nigeria