Citizens' Issues
Iran sentences four to death for the country's biggest bank fraud

The scandal, worth about $2.6 billion, revolved around a private group that amassed trillions of rials in loans from half a dozen Iranian banks through what were said to be forged or illegally procured letters of credit


Tehran: A Tehran court has sentenced to death four people convicted in Iran's biggest-ever banking scandal, according to the national chief prosecutor, reports PTI quoting official news agency IRNA.
 
The sentences came at the end of a trial of 39 suspects that started in February. The magnitude of the scandal was estimated last year at $2.6 billion.
 
"According to the verdict, four people were sentenced to death," chief prosecutor Gholam Hossein Mohseni Ejeie was quoted as saying.
 
Mohseni Ejeie said two other of the suspects were sentenced to life in prison and the remaining received terms behind bars of up to 25 years after also being found guilty of corruption.
 
The identities of those convicted were not made public.
 
The scandal revolved around a private group that amassed trillions of rials in loans from half a dozen Iranian banks through what were said to be forged or illegally procured letters of credit to buy several state companies up for privatisation.
 
President Mahmoud Ahmadinejad last year denied accusations from some critical media outlets that his office had any links to the fraud.

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COMMENTS

Sameer Gala

5 years ago

WISH OUR GOVT/JUDICIARY WOULD LEARN FROM IRAN

BSE to exclude 52 stocks from trading in SLB segment

BSE said these 52 companies ceased to fulfil eligibility criteria and hence would not be available for trading in the securities lending and borrowing or SLB segment 

 
Mumbai: The BSE said it will exclude 52 stocks including Oil India, Essar Oil and MRPL from trading in securities lending and borrowing (SLB) segment with effect from 28th September, reports PTI.
 
The SLB mechanism allows short sellers to borrow securities for making delivery.
 
Among other stocks, BEML, Bharat Electronics, Bosch, Fortis Healthcare, HCC, Jet Airways SpiceJet, TVS Motor Company, Tata Teleservices (Maharashtra) Ltd, Indian Bank and Max India, would not be available for trading in the SLB segment with effect from 28 September 2012, BSE said in a circular.
 
"...52 securities have ceased to fulfill eligibility criteria...(thsese) scrips shall not be available for trading in the SLB Segment with effect from September 28, 2012," the BSE said.
 
The National Stock Exchange had last week removed 51 stocks from its derivative segment.
 
Under SLB, securities can be borrowed for a period of seven days through a screen based order matching mechanism. The stocks in the future & option segment are eligible for SLB.
 
This announcement came after market regulator SEBI had hiked the benchmark liquidity level for scrips to be eligible for trading in the derivatives segments. The move was aimed at checking any manipulation by doing away with illiquid stocks.
 
Last week, SEBI had said the minimum median quarter sigma order size (MQSOS) requirement for introduction in derivatives segment has been revised to Rs10 lakh from Rs5 lakh at present. MQSOS indicates liquidity, or order size in a scrip.
 
Also the market-wide position limit (MWPL), indicating the size of the company, has been raised to Rs300 crore from Rs100 crore.

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Muthoot Finance Q1 net profit up 29% to Rs246 crore

Due to a reduction in the loan to value ratio to 60% by the RBI in April, the return on average retail loan for Muthoot Finance dropped to 4.1% from 4.5% last year

 
Mumbai: Gold loan provider Muthoot Finance reported a 29% jump in net for the first quarter ended June 2012 at Rs246 crore up from Rs190 crore a year ago, reports PTI.
 
The Kochi-based company, which operates in the lending against gold sector that is under fire from the Reserve Bank, witnessed a 41% jump in total income at Rs1,294 crore for the reporting quarter.
 
Apparently due to a reduction in the loan to value ratio to 60% by the RBI in April, the return on average retail loan for the company dropped to 4.10% from the year ago period's 4.51%, Muthoot said in a statement.
 
The company's Chairman, MG George Muthoot, said mutual funds stayed away from investing in debt instruments due to the negative news flow on the sector while a change in securitisation norms resulted in no fresh assignment transactions undertaken.
 
Without giving an absolute amount, he said the retail gold loan portfolio has degrown by 5%.
 
Muthoot's average gold loan per branch increased by a tepid 3% to Rs6.11 crore.
 

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