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US contempt orders upheld against three Chinese banks

A US appeals court has upheld contempt orders against three Chinese banks that failed to comply with subpoenas from the Department of Justice.

The banks were held in contempt earlier this year after they refused to turn over information relating to alleged North Korean efforts to avoid US sanctions.

The trio of lenders have not been named in the largely sealed proceedings, but the anonymised details correspond to Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.

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