After his “bankruptcy” .. the Central Bank of Iraq puts a private bank under guardianship (documents)

economybreakingNorth Bankbankruptcy declaration

 2022-10-30 06:49A-AA+

Shafaq News/ The Central Bank of Iraq has placed the “North Bank” for Finance and Investment under guardianship after it reached the stage of “bankruptcy”.

According to a document issued by the Central Bank, seen by Shafak News Agency today, Sunday, the bank’s board of directors decided to place the “Al-Shamal” Bank under guardianship, and to designate Muhammad Ali Hussein as a trustee of the bank.

He pointed out that the trustee will take legal action against those responsible for wasting and misusing the money of the North Bank.

The Iraq Stock Exchange also sent a letter to the North Bank announcing the suspension of trading of its shares starting from October 31, based on the Central Bank’s letter placing the bank under guardianship.

Article 67 of the Banking Law stipulates that the Central Bank of Iraq shall establish and license a temporary bank based on Article 67 and provide it with capital by the state to obtain all or part of the assets and liabilities of the bank subject to rehabilitation.

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