Investors in the Iraq market are asking the Central Bank to return fines and compensate shareholders
Investors in the Iraq market are asking the Central Bank to return fines and compensate shareholders
2023-08-19 02:40
Shafaq News / The Iraqi Stock Exchange Investors Association demanded, on Saturday, the Central Bank of Iraq, to return the fines and compensate the shareholders of the banks that declared bankruptcy.
“The financial fines imposed by the Central Bank on banks and non-banking financial institutions during the first half of the year 2023 amounted to more than 66 billion dinars,” the head of the association, Alaa Al-Moussawi, said in a statement received by Shafaq News agency.
Al-Moussawi added, “We have previously suggested returning the fine amount to the bank after its compliance with the legislation and instructions for which the fine was imposed,” noting that “the fine amount is paid from shareholders’ equity.”
The president of the association suggested that the Central Bank use these amounts to compensate shareholders, especially small shareholders in banks that have been declared bankrupt and liquidation procedures have begun, such as Dar Al Salam Bank.
shafaq.com
