Central Bank of Iraq "Takes Custody" over North Bank for Finance

By John Lee.

The Central Bank of Iraq (CBI) is reported to have taken custody over the North Bank for Finance.

A Director of the CBI, Majid Al-Suri, told the Organized Crime and Corruption Reporting Project (OCCRP) that the custodianship was a "corrective measure" as a "a result of irregularities and instability in the bank's banking work, and complaints submitted by customers and depositors to the Central Bank related to dealing and the mechanisms of withdrawal and deposit, in order to guarantee rights and avoid declaring bankruptcy."

The OCCRP says funds at the private bank were misused.

More here.

(Source: OCCRP)

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