Iran News ...


05/01/12

New bank corruption uncovered in Iran

Source:Mehr News Agency, Tehran

An advisor to the State Inspectorate Organization director announced on Monday that a new incident of banking corruption had been uncovered in the country.

In this case tens of millions of euros and dollars had been loaned to a private company by a state bank without ensuring the necessary collateral was put in place, Abbas Momen-Abadi told a press conference.

Momen-Abadi said more details will be revealed about the banking violation in the future days.

He said the company's assets are far less than its debts to the aforementioned bank, and these assets are tied up as collateral to potentially bad debt.

He said the office of the State Inspectorate Organization in Hormozgan province blocked the delivery of another 20 million euros to the company.

Currently, a 2.6 billion dollar bank scandal is under court review.

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