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Trade Bank of Iraq warns of linking the Ministry of Finance
On: Thu 1/26/2012 7:23
□ Baghdad / term
warned the director of the Commercial Bank of linking the independence of its bank, which has since its inception in 2003, the Ministry of Finance, saying it could put his money to the risk of international sanctions. It is said that the government presented a draft law to parliament, where it was read the first, includes a link the bank's Ministry of Finance.
The Director of the Bank (responsible for most of the transfers of big government) Hamdiya dry, told AFP: There are obligations incurred on Iraq as a result of the political situation which has passed through the country and the government banks in Iraq.
"If you got bogged down in images directly to the Ministry of Finance and we have lost our independence we will be exposed to the risk measures seizure and confiscation by the international lenders imposed on the Ministry of Finance and state banks such as Rafidain and Rasheed, and fear most of that. "as shown dry, which took over its functions in the management of the bank's important after the detection of a major corruption accused the former director, who fled out of the country, concern the new law because it might complicate the work of the bank.
She explained that the dry spent thirty years in banking, "do not like to be a link to the ministry because the bank would lose its independence enjoyed by, away from the complexities and administrative routine in the banks of the Ministry of Finance." And showed that "the Board of Directors of the bank, the highest administrative authority makes a decision without the intervention of any party, but when our association finances we would be passing a series of references long, which complicates things" at work.
has established the Coalition Provisional Authority headed by the U.S. ruling civil administrator of Iraq Paul Bremer Bank and began his law.
and upheld the Director Bank of new legislation for the Bank to suit the phase experienced by Iraq.
and said in this regard that "the bank was established in the special circumstance must therefore reconsider its law as a result of changing circumstances and in line with the political and security stability, and today there is a state and it is not wrong to review the law for the better" .
On the other hand, revealed dry that the volume of money that the former Director lend without collateral amounted billion dollars, saying restore half.
The Secretary General of the Council of Ministers on the Keywords announced last October the issuance of the order of the Iraqi judiciary to re-director of Trade Bank of Iraq Hussein Uzri which fled to Beirut after being accused of wasting millions of dollars, confirming delivery of the International Police (Interpol) and the incriminating documents.
and said dry that "the volume of non-performing loans were up to billion dollars, up to last year we were able to restore $ 500 million, an average of fifty percent."
She added "We turned to justice for the remaining loans amounting to about half of the remaining funds, as we have the process of settling with the other creditors. " It confirmed that "investigations with the officials confirmed that the powers were limited, however, the former director (Hussein Uzri) did not allow anyone to take any decision."
She pointed out that "the total employees who were expelled after the departure of former manager of 53 employees, some of them leave before the investigation, "adding that" the bank made a large number of files to the Integrity Commission, which in turn convert them to justice. "
Prime Minister Nuri al-Maliki, made a surprise visit to the bank after receiving reports to his office the existence of "irregularities in certain transactions," according to a statement issued by the Prime Minister's Office.
As a result, formed a commission of inquiry found that the bank grants loans and credit facilities without collateral in the bank allocated to the opening credits for the import and export. He Keywords that "there are open credit worth billions of dollars each by the observations being unknown determination and unknown value of the benefits associated with it."
and found the commissions of inquiry, headed by Keywords on "The salary is based on the jurisprudence of personal amounts of thousands of dollars and disbursements are not justified, or for personal purposes such as buying buildings outside of Iraq and within the millions of dollars, "according to the source.
in turn, spoke dry for "start to re-structure of the bank and the distribution of powers to the staff and is not keen, however, one person, and our commitment to the distribution of responsibilities, as we review all agreements and contracts the former."
The Commercial Bank Iraqi In addition to his participation, along with the Rafidain and Rasheed, funded the largest residential project will be implemented by Korean companies near Baghdad worth $ 7.5 billion, financed by a large number of investment projects, including cement plants in Najaf, Muthanna, and infrastructure projects and production lines with and visited the industry.
The Dry, "The banking system in Iraq is still a young system as a result of the previous conditions, as it was absent from all developments in the world because of the siege and wars over the country since 1980 to 2003 and the subsequent occupation."
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