Loans without collateral turned “bankrupt” people into investors.. What is the secret of the “suspicious silence” regarding TBI’s debt defaults?

Loans without collateral turned “bankrupt” people into investors.. What is the secret of the “suspicious silence” regarding TBI’s debt defaults?


Loans without collateral turned bankrupt people into investors.. What is the secret of the suspicious silence regarding TBIs debt defaultsAlsumaria News – Economy
There is still talk about resolving the issue of non-performing loans and debts owned by the Iraqi Trade Bank owed by businessmen and companies that borrowed from the bank in order to establish investment projects, but the projects have not appeared on the ground and the bank has not yet repaid its debts, in a spiral that caused a downgrade in the rating. Credit to one of the most important and advanced banks in Iraq, which is the Iraqi Trade Bank.
Over the past weeks and months, he has movedTrade Bank of IraqFor the purpose of settling and collecting the accumulated debts owed by businessmen and investors and moving to seize their movable and immovable assets due to their reluctance to pay the millions of dollars they owe, which information indicates is more than 200 million dollars, however, counter-movements, with the support of influential people, are trying to reverse the matter legally against…Trade Bank of IraqAnd prevent him from collecting his debts.

*First bank transfer inIraqTo a “hotbed” for money leakage

Many representatives and government agencies promised to find a way to settle the bad debts for the benefitTrade Bank of Iraq, which was sued by businessmen and investors, but the bank is still “fighting alone”, amid a suspicious and suspicious silence about the reason for the delay in resolving this file in favor of the bank, in suspicious assignments to the reluctant businessmen-borrowers.

The legal advisor describesIbrahim Al-SultaniIn an interview with Alsumaria News,Trade Bank of Iraq“It was created at the beginning of the new regime inIraqTo move towards a free economy and keep pace with the modern economy in the world.”

He pointed out that “the bank turned into a victim of corrupt managers and administrations that turned it into a hotbed of corruption that benefited from it by obtaining millions of dollars and using them in suspicious activities.”

*Loans without guarantees turned “bankrupt” people into investors!

For his part, the economic analyst points outAli Al-Habib, to a major problem in Iraqi banks in general, which is the lack of or taking real guarantees or equal to the value of the loan amounts provided to investors, which makes them able to evade and not repay the loans easily.

He explained that “former managers in…Trade Bank of IraqThey provided loans in exchange for guarantees that were not equal to the value of the withdrawn amounts, and there was no real work to recover the loans at that time,” indicating that “there are investors who do not have the money at all, and they apply for investment projects, and when they obtain the investment license, they take loans fromTrade Bank of Iraqfor this investment project, but they are using the money in other suspicious operations.”

He pointed out that “bankrupt individuals became investors and obtained very large sums of money, obtaining loans and not completing investment projects.”

*A suspicious silence

The political analyst recallsRafid Al-AtwaniMany positions and voices came out in supportTrade Bank of IraqWith the issue of default in paying and recovering its money and debts owed by investors and businessmen, it has remained silent at the present time.

Al-Atwani says that investors took the money as investment loans, but in return, there are no projects that add real value to the economy.Iraq“Indicating that borrowers have not repaid the money owed to them for more than 10 years.”

Al-Atwani recalled parliamentary and political positions against the failure to repay the money, noting that silence is now prevalent and raises fears of “a deal or absence and deliberate forgetting of the file.”