Posts Tagged ‘Hussein Al-Uzri’

The Central Bank intends to establish a Trade Bank of Iraq under the tutelage

Posted: January 2, 2012 in Iraqi Dinar/Politics
Tags: , , , , , , ,

Translated by Iraqdirectory.com – [1/2/2012]

In a remarkable development the central bank revealed of its intention to subject the Iraqi Trade Bank of Iraq (TPI) to the guardianship of it in case that it did not improve its financial situation in a few months, stressing the need to restore all the bank loans and build a new lending policy.

The deputy governor of the Central Bank Mudher Mohammed Saleh said that the bank was founded in mysterious circumstances by decision of the civil administrator Paul Bremer and the company of the Council of Ministers until a short time in 2006, now under the supervision of the Central Bank and because of his own exposure to many problems, and because of what it suffered from big loans without pay, which amounted to one billion dollars. (more…)

Trade Bank of Iraq recovers $400m

Posted: November 18, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,

The Iraqi state-run Trade Bank of Iraq (TBI) has recovered around $400 million of a $900 million default on loans handed out with little or no security by the previous management, the bank’s new chief has said.

Former TBI president Hussein al-Uzri fled Iraq in early June after Prime Minister Nuri al-Maliki ordered a judicial inquiry into the bank when a committee that including officials from the anti-corruption commission and audit authority reported financial violations.

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

Arab News says the scandal cast a shadow over the TBI, which foreign investors regarded as a success story in a country recovering from years of economic sanctions and war following the US invasion in 2003. (more…)

US-imposed democracies in Iraq and Afghanistan share some troubling traits

Posted: July 4, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Hussein Al Uzri, head of the Trade Bank of Iraq (left) and Abul Qadeer Fitrat, the former governor of Afghanistan’s Central Bank. (Illustration by Amarjit Sidhu)Monday, 04 July 2011

So what is the most interesting common denominator between the US-introduced democracies in Afghanistan and Iraq?

Is it administrations rife with corruption? What about deadly blasts, explosions, suicide bombings and the ongoing war with Al Qaeda, proxies and militias goons? Again, no!

In my opinion, the most interesting common denominator is two banking heads fleeing their countries to escape corruption charges, both claiming they were sabotaged by their governments.

(more…)

Exiled TBI Boss Denies Allegations – Open Letter from Bank’s Advisor

Posted: June 16, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Exiled TBI Boss Denies Allegations – Open Letter from Bank’s AdvisorThe exiled former head of the Trade Bank of Iraq (TBI), Hussein Al-Uzri [Hussein al-Azri], has denied allegations of corruption and mis-management in a telephone interview with Reuters.

“It’s about control of this bank,” the U.S.-educated banker, aged 48, told the news agency in his first media interview since fleeing Iraq. “Having control of the bank gives them control of substantial assets and they can basically utilize it.”

For his own security, he did not want to say from which country he was speaking.

A top Maliki aide, cabinet general secretary Ali al-Alaq, has said authorities moved against the bank because its leadership was suspected of violating banking regulations and issuing improperly secured loans. Alaq said the irregular practices had cost the country “millions of dollars.”

(more…)

Trade Bank of Iraq under investigation

Posted: June 5, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

June 4 2011

Iraq’s prime minister on Thursday ordered a judicial investigation into one of the country’s biggest banks, the Trade Bank of Iraq, saying it was suspected of committing “violations”.

The bank’s president and chairman, Hussein Al-Uzri, could not be reached for comment.

A British adviser to the bank’s board, Sir Claude Hankes, condemned the move by Prime Minister Nuri Al-Maliki’s government as “political skulduggery”. He said the bank had resisted efforts by members of the government to try to make it undertake “improper banking transactions”.

(more…)

Trade Bank of Iraq (“TBI”): Final Results for the Year to 31 December, 2010

Posted: May 12, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Published: Thursday, 12 May 2011 | 9:19 AM ET

BAGHDAD, May 12, 2011 /PRNewswire via COMTEX/ –

Commenting on the results, Mr. Hussein Al-Uzri, Chairman and President of TBI said: “I am proud of TBI’s financial results for 2010 and its return to record profits. Our business fundamentals are strong and our significant participation in the Iraqi economy puts us in a unique position to ride the wave of growth throughout the country. In addition, our internal reforms have prepared us to scale new heights.” Chairman’s Statement This performance was achieved despite a significant fall of $3.5 billion, or 31%, in LC volumes in 2010 and a $408m, or 37%, drop in LG volumes. TBI’s Investment & Treasury Department investment strategy and careful management of the Bank’s investible assets was a major driver in achieving record profits in 2010.

(more…)

Trade Bank of Iraq to launch $500m private-equity fund

Posted: March 7, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

State-run Trade Bank of Iraq is planning to launch a $500m private-equity fund in 2011 to invest in projects in the war-ravaged country.

Reuters quoted Hussein Al-Uzri, president and chairman of Trade Bank of Iraq, as saying that the bank plans to invest in medium-sized projects in industries including oil services, power and hotels.

(more…)