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(INA) reveals the circumstances of the fine imposed on the Rafidain Bank and the procedures of the government and the judiciary

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(INA) reveals the circumstances of the fine imposed on the Rafidain Bank and the procedures of the government and the judiciary

Economie Yesterday, 19:44

(INA) reveals the circumstances of the fine imposed on the Rafidain Bank and the procedures of the government and the judiciary

The source says to the Iraqi News Agency (INA), that "on March 4, 2021, Al-Rafidain Bank signed a contract with an Iraqi local company (Ishtar Gate) regarding the implementation of the (electronic payment service) project, which included, among the rest of the details, the publication of 10 thousand electronic payment machines. (ATM), issuing electronic cards to depositors and other services.  He added,

"The bank manager and his committee did not return, to ascertain the opinion of the Ministry of Finance, according to the correct legal procedures," noting that

"Finance studied the details of the contract after reviewing it, and found in it a clear prejudice to the rights of depositors and the interest of the treasury and public money. illicit, as well as suspicions about the local company itself and its level of performance.  He pointed out that

"the Minister of Finance urgently referred the matter to the Prime Minister, who is the chief executive officer responsible for the general policy of the state, and

it is not his duties or the duties of his office to audit every contract concluded by one of the Iraqi state institutions, and

the Prime Minister only directed a minister The Finance Ministry should continue to protect public funds and implement the law at all costs, and to stop this financial stipend that passed like a corrupt conspiracy under the title, (service contract).  And he continued,

"The Minister of Finance suspended, according to the law, the general manager of the bank, suspended his powers, and referred him to an investigative committee, then referred the contract to the concerned oversight, in order to put (in a legal and not emotional way) the points in which the contract unfairly affects the right of public money, including the imposition of a penalty clause (un) legal), if the Rafidain Bank unilaterally stopped the contract.  He explained that

"the penalty clause was illegal because it exceeds (according to the concept of Iraqi law) the ceiling of the damage caused to the company (if it had actual damage).

This means that a fine of $600 million is tens of times greater than any damage that may befall a portal company. As a result of the bank’s suspension of the contract, which originally suffers from a legal imbalance, and

because the intention is pure, the company (Ishtar Gate) resorted to the judiciary, and on May 4th issued a warning to the Ministry of Finance and to the bank that it would legally demand the penalty clause (600 million dollars).  He noted that

"on August 3, the supervisory report was issued, which indicates dozens of places in the aforementioned contract, which clearly violate the instructions of the Central Bank of Iraq, and the instructions of the Ministry of Finance, and seriously harm public funds and depositors' money,

but Ishtar Gateway Company proceeded with its lawsuit, and a decision was issued From the Court of First Instance specialized in commercial cases in Rusafa, it shall decide (according to the text of the contract) in favor of the aforementioned company and that the Rafidain Bank shall pay the huge fine.  And he indicated that

"the bank did not pay the aforementioned fine, because there is another stage of appeal, and

filing the lawsuit to a higher judicial level than (a court that specializes in commercial lawsuits), given that there is a semi-premeditated intention to harm public money, and the conclusion of a contract in which there is unfairness in the interest of public funds and public funds. depositors, and

in fact, it clearly violates dozens of instructions, laws and decisions in force.”  He pointed out that

"the Minister of Finance immediately took the initiative to meet with the President of the Judicial Council, Faiq Zaidan, on the seventh of August, to put him in the details of the matter..  He pointed out that

"the popular interaction with the huge amount of fine has angered the people, and they are right about that, especially at a time when the government is engaged in a delicate and multifaceted operation and confrontations with the corrupt,

but the best way to confront these problems is certainly the law, and the government has succeeded."

Indeed, by stopping the violation of the law and preventing the exploitation of state resources, the corrupt people who stand behind this contract, whether they are politicians or owners of suspicious capital, will have much more than just a lawsuit that will win its first round as a result of misinformation and deliberate manipulation, and

this case will be a clear chapter through which the opinion is known.

The year is the extent of the government’s insistence on ending this file, not in the manner of the angry toiling citizen by hanging the accused in Tahrir Square, but by exposing all the parties involved, whether they are large or small.  He added,

"The Prime Minister does not have the law to (execute) a citizen, a convicted person, not even a terrorist, under any circumstance.

Confronting corruption is a security, legal and legislative confrontation that requires determination, will and support for the rule of law."

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