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The Central Bank put the economy Bank for investment under the tutelage
06-06-2014 12:19 PM
Baghdad (newsletter). The CBI said, imposing Trusteeship on the economy Bank for finance and investment, adding that he would form a Committee of three people trust and an 18-month extension to prepare a report on the financial situation and future prospects of the Bank.
The Bank said in a statement it had received (News Agency): that ' since the financial deterioration of the economy and its inability to meet its financial obligations due to errors and improper practices committed by the Bank and halting commitments to its customers and to the safety of the banking and financial system in Iraq decided to impose a Trusteeship on the Bank '.
The Bank said that, based on article 40 of the law on the Central Bank for the year 2004 that grants the authority to supervise and control the banks in Iraq in implementation of the provisions of paragraph 1 of article 59 of the Banking Act 94 of 2004 which stated that designates the Central Bank trustee to the Bank when the Central Bank decided that the Bank new financial obligations when benefits '.
The statement noted that the Central Bank will form committees comprised of three people trust and an 18-month extension to prepare a report on the financial situation and future prospects of the Bank, which is under guardianship to include an evaluation of its assets ', adding that ' the Commission will also manage the Bank in a manner that will maximize the revenue from the sale or disposal of assets of the Bank and reduce any losses and fair treatment of creditors and equal '.
The statement said that the Bank will publish this decision in the Official Gazette (Iraqi facts) './finished/h. p/
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06-06-2014 12:19 PM
Baghdad (newsletter). The CBI said, imposing Trusteeship on the economy Bank for finance and investment, adding that he would form a Committee of three people trust and an 18-month extension to prepare a report on the financial situation and future prospects of the Bank.
The Bank said in a statement it had received (News Agency): that ' since the financial deterioration of the economy and its inability to meet its financial obligations due to errors and improper practices committed by the Bank and halting commitments to its customers and to the safety of the banking and financial system in Iraq decided to impose a Trusteeship on the Bank '.
The Bank said that, based on article 40 of the law on the Central Bank for the year 2004 that grants the authority to supervise and control the banks in Iraq in implementation of the provisions of paragraph 1 of article 59 of the Banking Act 94 of 2004 which stated that designates the Central Bank trustee to the Bank when the Central Bank decided that the Bank new financial obligations when benefits '.
The statement noted that the Central Bank will form committees comprised of three people trust and an 18-month extension to prepare a report on the financial situation and future prospects of the Bank, which is under guardianship to include an evaluation of its assets ', adding that ' the Commission will also manage the Bank in a manner that will maximize the revenue from the sale or disposal of assets of the Bank and reduce any losses and fair treatment of creditors and equal '.
The statement said that the Bank will publish this decision in the Official Gazette (Iraqi facts) './finished/h. p/
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