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[size=36]Integrity monitors the approval of the Rafidain Bank administration to grant a loan of (20) billion dinars without guarantees in Najaf[/size]
Political | 02:28 - 10/30/2023
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Baghdad - Mawazine News
The Integrity Commission announced today, Monday, the monitoring of Rafidain Bank’s approval to grant a loan of (20) billion dinars without guarantees.
The Authority’s Investigations Department stated in a statement received by Mawazine News that “the work team composed in the Najaf Investigation Office, which moved to Al-Rafidain Bank - Al-Haidariyah Branch, revealed the approval of Al-Rafidain Bank - General Administration to grant an investment loan of (20,000,000,000) dinars to one of the companies without guarantees.” sufficient to cover the value of the loan, meaning that the bank is unable to recover its money by seizing the mortgaged guarantees, as they are not sufficient to cover the value of the loan,” indicating that “granting the loan at an interest rate of (5%) for the purpose of constructing two hotels was in violation of the law and banking instructions.” .
She added that "the guarantees represented the value of the constructions in the project as a mortgage for the loan, and the estimated cost was relied upon without conducting a disclosure," explaining that "the first and second installments were granted within only five days without organizing the investment loan contract or informing the Risk Division of the company's balance sheet data and final accounts of the existence of A deficit and the company’s failure to carry out its work, in addition to insuring half of the loan amount after a period of time has passed since its granting, and a discrepancy in the completion rate of (5.75%).
She pointed to "implementing an operation through which the office staff was able to arrest the justice executor in the Abbasiya Execution Department, for not sending secretariat receipts and bills of exchange for a period of more than a year to the tax department for the purpose of conducting tax accounting for debtors, in exchange for receiving sums of money, which caused a waste of public money." The operation also resulted in the seizure of executive files whose procedures were conducted in violation of the law.”
She continued, “The team carried out (4) separate arrest operations in the Najaf Municipality Directorate, in the first of which two employees were arrested for receiving a bribe amounting to (10,000,000) dinars and (800) dollars from a citizen, in exchange for allocating a plot of land to him in the university neighborhood.” Noting that “two other employees in the directorate were arrested for forgery and misleading the Najaf First Instance Court with forged books related to a commercial property owned by the directorate.”
She pointed out that "the team was able to arrest a member of the purchasing committee in the directorate, on the grounds that he dictated warehouse release requests for materials to a number of wheeler owners, and included the names of the applicants without their signatures, while the initials of a real estate sale transaction were seized in accordance with the state's sale and rent law, despite the... A citizen obtains the approval of the Minister of Construction, Housing, Municipalities and Public Works to purchase the property in accordance with Article (25) of the aforementioned law.”
The Authority’s Investigations Department stated in a statement received by Mawazine News that “the work team composed in the Najaf Investigation Office, which moved to Al-Rafidain Bank - Al-Haidariyah Branch, revealed the approval of Al-Rafidain Bank - General Administration to grant an investment loan of (20,000,000,000) dinars to one of the companies without guarantees.” sufficient to cover the value of the loan, meaning that the bank is unable to recover its money by seizing the mortgaged guarantees, as they are not sufficient to cover the value of the loan,” indicating that “granting the loan at an interest rate of (5%) for the purpose of constructing two hotels was in violation of the law and banking instructions.” .
She added that "the guarantees represented the value of the constructions in the project as a mortgage for the loan, and the estimated cost was relied upon without conducting a disclosure," explaining that "the first and second installments were granted within only five days without organizing the investment loan contract or informing the Risk Division of the company's balance sheet data and final accounts of the existence of A deficit and the company’s failure to carry out its work, in addition to insuring half of the loan amount after a period of time has passed since its granting, and a discrepancy in the completion rate of (5.75%).
She pointed to "implementing an operation through which the office staff was able to arrest the justice executor in the Abbasiya Execution Department, for not sending secretariat receipts and bills of exchange for a period of more than a year to the tax department for the purpose of conducting tax accounting for debtors, in exchange for receiving sums of money, which caused a waste of public money." The operation also resulted in the seizure of executive files whose procedures were conducted in violation of the law.”
She continued, “The team carried out (4) separate arrest operations in the Najaf Municipality Directorate, in the first of which two employees were arrested for receiving a bribe amounting to (10,000,000) dinars and (800) dollars from a citizen, in exchange for allocating a plot of land to him in the university neighborhood.” Noting that “two other employees in the directorate were arrested for forgery and misleading the Najaf First Instance Court with forged books related to a commercial property owned by the directorate.”
She pointed out that "the team was able to arrest a member of the purchasing committee in the directorate, on the grounds that he dictated warehouse release requests for materials to a number of wheeler owners, and included the names of the applicants without their signatures, while the initials of a real estate sale transaction were seized in accordance with the state's sale and rent law, despite the... A citizen obtains the approval of the Minister of Construction, Housing, Municipalities and Public Works to purchase the property in accordance with Article (25) of the aforementioned law.”
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