Iran's CBI Blasts Bahrain Court’s Verdict as “Legally Invalid”

Director of Legal Studies Department of Iran Central Bank (CBI) yesterday reacted to a Bahraini court’s verdict on Iranian banks and called it something lacking legal validity and it is just a political move. Bahraini court on Wednesday issued legal verdicts in five money-laundering cases, convicting the Central Bank of Iran, along with a number of Iranian banks, the Future Bank, and five of its officials. The court found all the defendants guilty, sentencing the Future Bank officials to five years in prison, and to 1 million Bahraini dinars (~US$2.6 million) fines each. The court also sentenced the Central Bank of Iran and the other banks implicated in the wide money-laundering scheme to fines of 1 million Bahraini dinars each. The total of fines imposed on the Iran Central Bank and the other implicated banks reached 37 million Bahraini dinars (~US$97.6 million). The court also ordered the confiscation of the illegally transferred money that reached US$112 million.

But on Saturday, Director of the Legal Studies Department of Iran Central Bank, reacting to the report, said that so far Bahrain government has not communicated anything on Iranian banks and the CBI, adding that in case the court had issued the verdict, it would be legally invalid because the court has not given the defendant chance to defend. Morteza Etebari said that such a verdict is a political move and it is natural that Iran will not refrain from any effort to defend its rights and Bahrain government is responsible for the consequences. - IRNA, Iran Daily News