Tagged: Iran

1st cooperative insurance firm launched

1st cooperative insurance firm launched

Cooperative Insurance Company is the first firm established in the form of a public joint stock cooperative in line with the general policies of Article 44 of Iran's Constitution, which seeks large-scale privatization, and promotion of cooperative sect…

‘Leaked’ memo warns Iran could lose control over banking system

‘Leaked’ memo warns Iran could lose control over banking system

<p>A memo of Iran's Supreme National Security Council marked as &ldquo;secret&rdquo;, was obtained and distributed by the Iranian opposition movement &ldquo;Green Wave&rdquo;. The memo said Iran&rsquo;s financial institutions are on the verge of bankruptcy and the country could lose control over the banking system. Moreover, it stated the collapse of the banking system will lead to a steep rise in unemployment and inflation. The letter, addressed to the Central Bank of Iran (CBI), provided a bullet-point description of the economic crisis. It called for significant restrictions on the public's withdrawal of deposits from Banks. It also urged additional restrictions on taking foreign currency out of the country. The council also issued operational measures to combat the country's economic crisis. These measures include the deployment of security forces around banks, money-changing agencies, and ATM's and the drafting of an emergency plan to combat any potential storming of the banks by the public.</p>
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<p><a href="http://english.alarabiya.net/en/business/banking-and-finance/2013/06/13/-Leaked-memo-warns-Iran-could-lose-control-over-banking-system.html" title="http://english.alarabiya.net/en/business/banking-and-finance/2013/06/13/-Leaked-memo-warns-Iran-could-lose-control-over-banking-system.html">http://english.alarabiya.net/en/business/banking-and-finance/2013/06/13/…</a></p>
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Veteran financier sets up private bank in Iran

Veteran financier sets up private bank in Iran

Parviz Aghili earlier this year opened what is in effect the Iran’s only privately owned bank, the Middle East Bank. It focuses on domestic corporate clients and wealthy individuals within Iran’s private sector. Since it opened its doors in January, the Middle East bank – the smallest Iranian bank with only three branches so far – has attracted 1.4tn rials ($114m) in deposits and granted 3tn rials in loans. But the greater challenge for the western-educated veteran banker will be avoiding to become state-owned. Aghili said the bank has no interest in attracting state-owned or quasi-state-owned companies as shareholders or as clients. For now the Middle East bank plans to remain small. Moreover, it plans to open representative offices in countries such as India and Oman.

‘Bank Mellat appeal has global implications’

‘Bank Mellat appeal has global implications’

After the European Union imposed sanctions on Iran-based Bank Mellat and removed them in January, the EU Council has now launched an appeal against the decision of the court. However, Bank Mellat is at present considering applying to the EU Court to strike out the EU Council’s appeal on the grounds that the appeal was filed too late. According to Sarosh Zaiwalla, senior partner at Zaiwalla & Co, the EU Council appealed the decision due to political pressure from the United States government to reinstate sanctions. He stressed the importance of an independent court system in order to deal with businesses who have disputes criss-crossing legal borders.

Iran to host Mideast largest financial expo

Iran to host Mideast largest financial expo

Iran plans to hold the 7th International Exchange, Bank and Insurance (FINEX) exhibition early May which is Middle East’s largest financial and investment expo. Over 280 foreign and internal companies will join the event. The expo hosts 12 foreign fina…

Dell Ends Software Maintenance With Iran Bank

Dell Ends Software Maintenance With Iran Bank

Dell discovered that Quest Software had supplied software maintenance to Melli Bank, subsidiary of Bank Melli in Iran. The maintenance occurred before Dell’s buyout of Quest. In a letter to the SEC, Dell disclosed Quest’s small but potentially worrisome banking engagement. It said that the company’s Form 10-K contained information about the business transaction worth US$169.90. Although not much, any dollar amount flowing to a technology company from a bank with ties to Iran could have raised some serious red flags. It’s unclear what type of e-discovery software Dell used to uncover the business transaction.

Dell Ends Software Maintenance With Iran Bank

Dell Ends Software Maintenance With Iran Bank

Dell discovered that Quest Software had supplied software maintenance to Melli Bank, subsidiary of Bank Melli in Iran. The maintenance occurred before Dell’s buyout of Quest. In a letter to the SEC, Dell disclosed Quest’s small but potentially worrisome banking engagement. It said that the company’s Form 10-K contained information about the business transaction worth US$169.90. Although not much, any dollar amount flowing to a technology company from a bank with ties to Iran could have raised some serious red flags. It’s unclear what type of e-discovery software Dell used to uncover the business transaction.

Iran sentences 4 to death in biggest bank fraud case

Iran sentences 4 to death in biggest bank fraud case

Four people were sentenced to death on charges of corruption and disrupting the country’s economic system by the Iran Judiciary. The four are Mahafarid Amir-Khosravi, Behdad Behzadi, his legal advisor, Iraj Shoja, his financial solicitor and Saeed Kiani Rezazadeh, head of the Ahvaz branch of Saderat Bank. Other defendants were handed down sentences including imprisonment and cash fines. The defendants stood trial for misappropriating a total of USD2.6 billion of funds by using forged documents to obtain credit from banks to purchase state-owned companies. However, almost none of the companies involved in this case were ordered closed by the court.