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Open letter from Sir Claude Hankes KCVO to the President of Iraq and Members of Parliame

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Panhead

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Open letter from Sir Claude Hankes KCVO to the President of Iraq and Members of Parliament

July 22, 2011 · Posted in NEWS (Iraq & World Currency) · Comments Off
Letter says, “The action by Mr. Maliki to undermine the standing and credibility of TBI, the success story of Iraq, is the most damning example of political corruption. TBI’s success has been that it has been run independently and professionally by those with the appropriate international experience combined with the hardworking staff in Baghdad. Unique in Iraq.”

Mr. Talabani and Members of Parliament of Iraq; I am the Independent Advisor to the Board of the Trade Bank of Iraq (TBI).

You are no doubt aware of the great contribution TBI has made to the people of Iraq. It is the one Iraq institution that has demonstrated to the world at large that Iraq is a country of the future. TBI is respected by international banks as is evidenced by the list of TBI’s correspondent banks. JP Morgan, Deutsche Bank, Citi Bank to name but a few.

It has been voted ‘The Best Trade Bank in the Middle East’ for several years. Its results for 2010 are outstanding. The accounts were audited by PWC, one of the most respected international audit firms, and the accounts were unqualified. This is due to the outstanding leadership of Mr. Hussein Al Uzri. Mr. Al Uzri is the most respected banker in Iraq.

TBI’s great strength has been its outstanding staff and those that Mr. Al Uzri had persuaded to join the bank with international experience.

TBI has grown from a capital of 95 million to a bank with a capital of 1 billion from retained earnings.

Mr. Al Uzri deserves the highest Iraq honour for his hard work, dedication and commitment and success. The Iraqi people know this, you know this.

Mr. Al Uzri’s high profile and the banks success resulted in Mr. Al Uzri twice narrowly escaping death due to bomb attacks on his life and that of the bank when I was in Baghdad.

Mr. Al Uzri continued heroically in his post and TBI went from strength to strength. You are fully aware that because of TBI Erbil has the benefit of 24 hours of electricity. There is no excuse that the whole of Iraq does not have this basic requirement. This, to a great degree, is through gross incompetence by those responsible in Government.

TBI’s success has been that it has been run independently and professionally by those with the appropriate international experience combined with the hardworking staff in Baghdad. Unique in Iraq.

The Iraq economy cannot develop without a sound financial system and without it political instability will increase. You are aware that The Iraqi people’s patience is running out and rightly so. The corruption in successive Iraq governments has been an insult to The Iraqi people. There was a short period when this was not the case, you know that it can and should be stopped and was for a short period. It requires people of independence, with integrity, and competence. There are many Iraqis who possess these qualities but few have been asked to serve or been persuaded to do so at this time.

The action by Mr. Maliki to undermine the standing and credibility of TBI, the success story of Iraq, is the most damning example of political corruption. The Iraqi people will not stand for this. I urge you to form an internationally respected committee to investigate the actions of the Prime Minister and his office in this respect.

It is my position that the charges against Mr. Al Uzri would not stand up in any international court and should Mr. Al Uzri decide to seek significant damages in an international court the Iraq government will have to prove the accusations in an international court.

If somebody like Mr. Ali Allawi were to be asked to chair such a committee and he were prepared to accept, this would demonstrate that the committee would be independent and professional. It should include two independent international auditors and two internationally respected lawyers. I would be very surprised if such an investigation did not establish beyond any doubt whatsoever that the actions by Mr. Maliki and the charges brought against Mr. Al Uzri were unlawful, unfounded and an attempt to divert attention from serious corruption in various ministries.

To replace the key executives in the bank with those on the unconstitutional committee set up in the Prime Minister’s Office and others (at this present time 11 individuals) from Rafidain Bank will destroy the reputation of TBI and Iraq. The General Manager appointed and others are from the bank that was responsible for at Rafidain for losing close to $300 million. They do not have appropriate experience and they themselves should be under serious investigation for what happened in Rafidain. There are two other Iraqi banks which cannot pay depositors. They are the Warka Bank and the Basra Bank.

By removing Mr. Al Uzri and his outstanding team, the bank has lost its independence and is under the direct control of Mr. Maliki and this is what he sought to achieve.

Mr. Maliki personally signed contracts in Korea for billions of dollars for the supply of turbines at a price that raises serious questions and without any bidding process and bypassing the approved Iraqi Budget. Mr. Maliki insisted that TBI provided confirmed LCs when there was no basis for this in the agreement.

The bank refused as it would have put at risk the future of the bank. Mr. Maliki furthermore signed an agreement with Hanwa in Korea for close to $7 billion, again with no bidding process. Attempting financing through TBI and illegally bypassing the approved Iraqi Budget.

I estimate that the Ministry of Trade has a deficit of over $2 billion and not withstanding over 300 written requests from the Iraq Board of Supreme Audit for information on the use of these funds, The Ministry of Trade has refused to provide any information.

I understand from members of Parliament that this matter is being investigated by a special committee set up by Parliament. This refusal to provide information, under the direct orders of the Prime Minister, demonstrates the serious corruption in the Maliki government and a total disregard for law and Parliament.

There are many other examples where the Maliki government has tried to force TBI to provide financing in totally inappropriate ways, which would have damaged the standing of TBI and the standing of Iraq in the international financial community. Mr. Maliki has furthermore tried to remove and control the governor of the Central Bank, who has also refused to do so.

The US Government, which was key in ensuring the second term of Mr. Maliki as Prime Minister, cannot deny that they are aware of many of these facts.

Mr. Talabani, Members of Parliament, unless immediate action is taken and the independence of TBI is restored, the Iraqi people will pay the penalty. I therefore urge you to deal with this matter before it is too late


MrsCK



OK that is very odd to bring up that letter again over there, windreader posted it back on June 15:

https://dinaroutcast.forumotion.com/t7813-open-letter-to-the-president-of-iraq-and-members-of-parliament

Commercial Banking - Features
www.cpifinancial.net

June 15 2011
Open letter from Sir Claude Hankes KCVO to the President of Iraq and Members of Parliament


WHY would they bring it back up again????

Panhead

Panhead
Admin

CK you know they like to republish thing s over there....they don't operate with any type of newswire there.

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