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Parliamentary Integrity: A banking official deprived Iraq of large financial profits and gifted them to a foreign bank and a French company.
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[rtl]Baghdad / NINA / The Parliamentary Integrity Committee revealed a major financial violation committed by the former head of the Trade Bank of Iraq (TBI), by transferring (the full amount) to the account of the French company Total, contracting with the Ministry of Oil, instead of transferring it in the form of payments according to the completion rates of the contracted project. This caused the state treasury to be deprived of the profits of this amount.
The Vice-Chairman of the Committee, Alia Nassif, said in a press statement today, Thursday, that “the former head of the Trade Bank of Iraq (TBI), called” Muhammad Muhammad Jawad Al-Dulaimi, “committed a financial catastrophe related to the project that the Ministry of Oil contracted with the French company Total, the terms of which stipulate the delivery of the amount.” It was agreed upon in the form of payments according to the percentage of completion. He sent the full amount and transferred one billion and 400 million dollars on August 2, 2023 to Standard Jared Bank (where he had previously worked) before assuming the presidency of the Trade Bank of Iraq (TBI), so that the profits of this huge amount became A gift to the foreign bank and to the French company Total, while Iraq was deprived of these profits.”
She explained, “The Trade Bank of Iraq (TBI) receives interest from funds deposited with foreign banks (correspondent banks), and these interests become revenues to the TBI, which in turn represents revenue for the Iraqi state treasury, and therefore transferring such an amount to a foreign bank (Standard Bank) ) Leads to a loss represented by the failure to collect interest and profits.”
Nassif praised “the measures taken by the Integrity Commission regarding this issue,” indicating that “the Parliamentary Integrity Committee is also following this file and awaiting legal measures to be taken by the competent authorities.”/End 5[/rtl]
The Vice-Chairman of the Committee, Alia Nassif, said in a press statement today, Thursday, that “the former head of the Trade Bank of Iraq (TBI), called” Muhammad Muhammad Jawad Al-Dulaimi, “committed a financial catastrophe related to the project that the Ministry of Oil contracted with the French company Total, the terms of which stipulate the delivery of the amount.” It was agreed upon in the form of payments according to the percentage of completion. He sent the full amount and transferred one billion and 400 million dollars on August 2, 2023 to Standard Jared Bank (where he had previously worked) before assuming the presidency of the Trade Bank of Iraq (TBI), so that the profits of this huge amount became A gift to the foreign bank and to the French company Total, while Iraq was deprived of these profits.”
She explained, “The Trade Bank of Iraq (TBI) receives interest from funds deposited with foreign banks (correspondent banks), and these interests become revenues to the TBI, which in turn represents revenue for the Iraqi state treasury, and therefore transferring such an amount to a foreign bank (Standard Bank) ) Leads to a loss represented by the failure to collect interest and profits.”
Nassif praised “the measures taken by the Integrity Commission regarding this issue,” indicating that “the Parliamentary Integrity Committee is also following this file and awaiting legal measures to be taken by the competent authorities.”/End 5[/rtl]
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