17103
Mizan’s State of Turmoil
Economy, Business And Markets

Mizan’s State of Turmoil

Mizan Credit Institution will be taken over by Bank Saderat, according to deputy governor of Khorasan Razavi, where the firm is based.
Mizan’s board of governors and executives were arrested last week by a court order for failing to reimburse their depositors.
“I have no information about the release of Mizan’s executives,” Mohsen Sadeghi told Tasnim news agency on Monday. “As far as I know, Bank Saderat will take over Mizan governance.”
Mizan is accused by the regulator of violating monetary regulations. It had received countless warnings from the central bank and the economy ministry.
Board members of the uncertified institution were arrested after they missed a court deadline to settle their debts. A judge had given Mizan executives two-weeks to reimburse their depositors, Eghtesad News reported last week, without identifying the judge.
Hamid Tehranfar, deputy governor for supervision in the Central Bank of Iran, had previously told the press that the merger had taken place, prompting some economists to criticize the central bank’s decision.
By forcing troubled credit institutions on banks, the central bank punishes the bank’s shareholders and rewards the wrongdoings of the owners of such institutions, Hossein Abdo Tabrizi a prominent economist  wrote in the Financial Tribune’s sister paper Donya-e-eghtesad in March.
Citing monetary officials, Bourse Press said the institution’s customers do not need to be worried about their deposits any more. The institution, which the regulator said was unauthorized, has long been waiting to be merged with another financial entity.
Auditors of the central bank were said to be examining the deposits held by the Mizan institution. The deposits were to be either repaid or transferred to Bank Saderat if the customers agreed.
Mohammad Reza Movafagh, the economic deputy governor of North Khorasan – another province with substantial investment in Mizan – said earlier that although the central bank favors such a takeover, Mizan’s managers are opposed and want to handle the finances themselves.

Short URL : http://goo.gl/qw1JG3

You can also read ...

US Looking East After Fining Europe Over Iran Business
The US effort to put Iran in a financial bind meant European...
Depending on Iran’s progress in completing its action plan, FATF will take further steps in June 2018.
The Financial Action Task Force has recognized measures taken...
Proses has offered to explore a possible SISP at the world class Mehdiabad zinc (lead and silver) project in Iran where it has a role in development planning.
British mining and mineral processing technology company...
Crimean Ports Under Sanctions Looking for Way Out to Iran
Crimea’s ports, which are not operating at full capacity due...
Iran’s Corruption Perceptions Index Improves
Iran’s score based on the Corruption Perceptions Index...
Iranian Internet Service Providers Under Scrutiny
In a bid to increase access to the Internet, the Communication...
Home Security Startup Taps Face-Recognition Tech
A team of engineers that worked on self-driving cars and...
SpaceX successfully deployed a satellite into low Earth orbit for the Spanish government.
SpaceX took a critical step Thursday toward making one of Elon...

Trending

Googleplus