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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Iraqi Trade Bank faces corruption alone.. Influence “rewards” borrowers with additional money de

    Rocky
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    bank - The Iraqi Trade Bank faces corruption alone.. Influence “rewards” borrowers with additional money de Empty The Iraqi Trade Bank faces corruption alone.. Influence “rewards” borrowers with additional money de

    Post by Rocky Sun 21 Apr 2024, 6:40 am

    [size=35][size=35]The Iraqi Trade Bank faces corruption alone.. Influence “rewards” borrowers with additional money despite their refusal to pay[/size][/size]
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    Economy

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    04-21-2024 | 06:38
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    Al-Sumaria News - Economy

    The influential people who took advantage of the eras of corruption, servanthood, and periods of weakness in the previous administrations of the Iraqi Trade Bank, which enabled them to obtain debts and loans “without guarantees,” are still exploiting their suspicious relationships with some parts of the state, to “swallow” the money they owe without repayment. The Iraqi Trade Bank, which is ranked first among Iraqi government banks, is still facing influential people and “fraudsters” on its own without a helper.


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    The Iraqi Trade Bank is facing two threats at the same time. The first is the loss of $215 million of its funds to influential people, even though they are refraining from paying the bank’s money they owe. These influential people will enjoy nearly a quarter of a billion dollars of state and bank funds, by using their influence and not paying debts despite... Documents and warnings sent by the bank.



    Sources from within the bank confirm that the refusal of these debtors to comply with the warnings issued by the bank and through legal means confirms that they are influential and have relationships in the joints of the state that facilitate their fraud and acquisition of state and bank funds without fear, in clear defiance of all judicial, governmental and legislative authorities.

    The other threat that the Iraqi Trade Bank is facing is the continued downgrading of its credit rating, after its rating had already been lowered last March 15, for the first time in the history of the Iraqi Trade Bank since it entered the Fitch credit rating criteria in 2018 as the first Iraqi bank to be included in the list. Category.

    Borrowers from the Trade Bank of Iraq who refrained from repaying caused the Trade Bank of Iraq's rating to be reduced by Fitch Credit Rating Agency from B- to CCC+, bringing the bank's rating to this level for the first time.

    The debts owed by these influential borrowers to the bank amounted to one billion dollars, and while the current administration of the Iraqi Trade Bank moved to file lawsuits and seize the movable and immovable funds of the debtors who are reluctant to pay, and they are influential figures, these influential people began to take ways to “circumvent” the law, to refrain from... Payment, which threatens to lose the bank’s money, which it cannot recover.

    Observers and specialists believe that the reduction of the bank's credit rating, which is a strong blow to the Iraqi banking sector, will not stop at this point, and the bank's rating may be reduced to lower levels if this crisis continues and no judicial or governmental decisions are obtained obligating those who are reluctant to pay back the money.

    The Parliamentary Integrity Commission previously called on the Prime Minister and the Public Prosecution to support and stand with the management of the Trade Bank of Iraq in order to take steps to put an end to the people who drain the people’s money and endanger the position of the Trade Bank of Iraq. In the same context, judicial rulings were issued obligating the Iraqi Bank to pay $215 million. In favor of influential people, and observers believe that there are suspicions of cooperation between them and influential people working to steal public money.
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