The absence of central control of private banks .. movement of their capital in an explicit and fraud (Details)

15-11-2015 07:00 PM

It proceeded some established private banks departments under guardianship and rehabilitation by the Central Bank of Iraq, to transfer their capital to other banks and work under other labels which constitutes a violation and fraud explicit on the central bank actions that procedures routinely and ineffective look to the reduction of private banks irregularities.

According to economic sources, that the departments of Basra Bank and the Bank of the economy and bank across Iraq and the Warka Bank has transferred their funds to other banks and speculation continues to work and remittances in violation of the procedures of the Central Bank '.

And it draws the sources that these departments of these banks left banks under its departments in major irregularities because of undisciplined fiscal policy, which prompted the central bank to be drawn up under the Commandments or rehabilitation '.

However, the Bank of Basra which penal authority Court of Federal Discrimination ratified the Criminal Court's decision Rusafa judge jailed both the owner and director of Basra, Al-Ahli Bank ten years to Achtlashma more than 625 billion dinars from the Rafidain Bank in one of the state funds theft crimes, the owner Hassan Ghalib Abdul Bank Hussein Kubba still manages his money through other banks despite the central bank's decision to liquidate the National Bank of Basra and the rule of the prison, who was convicted by Hassan Kubba.

The Bank of the economy, which declared the Iraqi Central Bank, last year, the identification of work tasks in the economy, the Bank for Investment and Finance reality under the tutelage of the bank in order to maximize the Bank's financial resources to the limit and work to reduce losses to a minimum, as the central bank also agreed to exchange 10 % of customer deposits in the economy and investment bank.
According to the central bank 'approval was based on the proposal of the economy, investment and finance bank regardless part of its deposits to depositors'

Central Bank of Iraq justified the decision to impose their guardianship on «Economy Bank for Investment» because of his commitment «to protect customers», while experts attributed the decision to the inability of some banks on the implementation of instructions «Central» to raise capital ceilings and the delay in depositors' money management.

The economy and the Bank has 50 branches in Iraq and capital of 150 billion dinars (128.8 million dollars).

But what happened is that the economy bank owners took advantage of the approval of the central bank and they act billions of dinars and take it out of the bank not to those who deserve it, preying on the consent of the bank and were able to take out these amounts to operate in other banks.

The cross-Iraq Bank, which put the central bank under the trusteeship in 2012 brought him in 2014 to the owner Hassan Rwina who carried the middle-school diploma, a lot of the bank to transfer funds to other banks to work for him.

The Warka Bank, which the Board of the Central Bank's management agreed last September to rehabilitation within the stomach plan for this purpose, after that he had brought on 19 December 2012, warning liquidation of the Warka Bank for Investment and funding what does not pay the amount of 200 billion Iraqi dinars, and with depositors suffer of non-receipt of their money, the founders of the bank also may have left Iraq, in addition to that there are a lot of claims made ​​by citizens to the judiciary against the bank, as there is controversy in the ministries on the letters of credit provided by the bank.