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Melli Bank PLC argued that it was independent with its own board of directors, but the court dismissed that as "irrelevant," saying, "The Court notes that BMI owns all Melli Bank's capital and can, therefore, appoint and replace the bank's directors.
Bank Melli has branches in Paris and Hamburg and a unit in London called Melli Bank Plc.
Melli Bank Plc, its subsidiary, said it would apply to the British courts for judicial review and an interim injunction to suspend the application of an EU asset freeze.