Director of Trade Bank of Iraq: connecting us to finance expose us to risk international sanctions
JANUARY 25, 2012
Hamdiya dry the new Director of the bank warned the Iraqi Trade Bank of linking the Ministry of Finance
(AFP) BAGHDAD – Brchant Rao
Warned the director of Trade Bank of Iraq to link its bank, which enjoys independence 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 Iraqi government submitted a draft law to parliament, where it was read the first, includes a link the bank’s Ministry of Finance.
The dry Hamdiya Director is responsible for most of the bank transfers the major Iraqi government, told AFP that “the obligations incurred as a result of the Iraq political situation, which has passed through the country and the government banks” in Iraq.
“If you got bogged down in images directly Ministry of Finance and we have lost our independence we will be exposed to the risk of seizure and confiscation measures by the international lenders imposed on the Ministry of Finance and state banks such as Rafidain and Rasheed, and the biggest fear of this.”
Expressed as 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 of the new law because it might complicate the work of the bank.
She said 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.”
“The Board of Directors of the bank, the highest administrative authority makes a decision without the intervention of any party, but when our attachment to finance we would be passing a long series of references which complicates things” at work.
The Coalition Provisional Authority was established under the chairmanship of the American civil governor of Iraq Paul Bremer Bank and began his law.
And director of the bank supported new legislation for the Bank to suit the stage that Iraq is experiencing now.
She said in this regard that “the bank was established in a special circumstance so you must re-consider 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 that the dry amount of money that the former Director lend without collateral reaching one billion dollars, half of uncertain recovery.
The Secretary-General of the Iraqi Council of Ministers on the Keywords announced in October, the issuance of the order of the Iraqi judiciary to re-director of Trade Bank of Iraq Hussein Uzri, who fled to Beirut after being accused of wasting millions of dollars, confirming delivery of the International Police (Interpol) and the incriminating documents.
She explained that the dry “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 the courts for the remaining loans amounting to about half of the remaining funds, as we carried out a settlement with 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 noted 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 Office of the Prime Minister.
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 in the inside and outside Iraq, millions of dollars, “according to the source.