Trade Bank of Iraq Doubles Capital

By John Lee.

The Iraqi Cabinet has agreed to double the capital of state-owned Trade Bank of Iraq (TBI) to one trillion Iraqi dinars [$858 million], according to a report from Bloomberg

Baghdad-based TBI is under investigation for alleged irregularities, and an arrest warrant has been issued for its former president and chairman, Hussein al-Uzri. He has since been replaced by Hamdiya Al-Jaf [Hamida al-Jaf].

In a Reuters interview, Uzri said the allegations were fabricated and called himself a victim of a power grab by people close to Maliki.

(Source: Bloomberg)

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