Central Bank chief expounds on new banking corruption case

On December 7, the Islamic Republic News Agency (IRNA) filed a report on the explanations of Governor of the Central Bank Valiollah Seif on a corruption case involving an Iranian bank. What follows is the translation of his comments made during a live TV show on Channel One:

The corruption took place between 2006 and 2012, but we learned about it only last year.

After the mishandling of money in the banking system emerged in late September 2013, an investigation was launched and judiciary officials were filled in on the case.

That some have alleged upwards of $4 billion has been siphoned off is not true. In fact, $23 million was the maximum amount of money those implicated in the case got their hands on. Thanks to the banking activity the money in question set in motion, the overall figure rose to around $4 billion.

So far, all those involved in the case have been identified and indicted; one individual is under arrest.

Aside from paying back the initial amount of money borrowed from the bank, those involved in the case face fines calculated on an interest rate of 34%. Four tranches of the six-installment fines have already been paid and the last is due next month.

To safeguard the interests of the bank involved in the case, the announcement of the corruption case was delayed.