Iran lawmakers find minister liable in fraud, Tehran Times says

Bloomberg: An Iran parliament committee has held several senior officials accountable for the biggest bank fraud in the country’s history, Tehran Times reported.

Bloomberg

By Ladane Nasseri

An Iran parliament committee has held several senior officials accountable for the biggest bank fraud in the country’s history, Tehran Times reported.

The panel found Economy and Finance Minister Shamseddin Hosseini, his deputy, Asghar Abolhassani and several managers at the Central Bank and banks involved in the $2.6 billion fraud case failed to take appropriate action, the newspaper said, citing a report by the committee.

The report, read in parliament yesterday, recommends the removal of Abolhassani, who also is a member of the management board of Bank Saderat, and Central Bank Deputy Hamid Pour- Mohammadi, the newspaper said.

Seven state-owned and private banks were allegedly connected to the fraud, which is said to have involved forging letters of credit from Bank Saderat to secure loans to buy government-owned companies.