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Future Bank Slapped with More Fines

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Future Bank Slapped with More Fines FRIDAY, AUGUST 28, 2020 FRIDAY, AUGUST 28, 2020 03 02 Green light for inbound Future bank slapped with more fines New fines lift total penalties in the multi-billion dollar sanction evading scheme to $47 million passengers from India Future bank offciais get• new five-year Indian embassy tweets receiving clearance from Bahrain’s jail terms each $7bn KNOW WHAT government for more inbound passengers Banks involved get Reports say the bank • allegedly concealed at least new $1 million penality $7 billion of transactions The future bank registered to Those on the between 2004 and 2015 provide commercial banking • TDT | Manama services including deposits, approved list will loans and credit cards had over receive email or call 100 employees at the time of its otal fines amassed by establishment. parties involved in the Investigators found that the • Names of shortlisted Tmulti-billion dollar Fu- Future Bank received requests The bank was founded in 2004 passengers have been ture-bank’s sanction-evading for suspicious financial trans- as a venture between Iran’s Bank shared with Air India money laundering scheme has fers through the “SWIFT” sys- Saderat and Bank Melli as well as His Majesty the King’s Advisor for Diplomatic Affairs Shaikh Khalid bin Ahmed Al Khalifa with the newly appointed touched $47 million, with a tem using a practice known as Bahrain’s Ahli United Bank. Indian Ambassador Piyush Srivastava. Shaikh Khalid praised the historical relations between Bahrain and India, court here slapping $1 million wire-stripping to conceal pay- stressing the Kingdom’s interest in strengthening cooperation for the common interests of both sides, wishing the TDT | Manama Valiollah Seif, who was the fines on three officials and the ments to countries under inter- governor of the ambassador success in his duties. The ambassador extended his appreciation of the Kingdom’s care and attention to the Iranian banks involved yester- national sanctions. Indian community. ndian Embassy in Bahrain Central bank day. Bahraini auditors also uncov- of Iran from yesterday announced re- In the latest judgement, Bah- ered $2.7 billion in payments ceiving Bahrain’s approval 2014 until 2018, I rain’s High Criminal Court made by the Future bank us- headed Future for more inbound passengers awarded a five-year prison term ing an informal alternative to Bank before from India to Bahrain. Picture courtesy of Indian Embassy and $ 1 million in fines to each of Future bank. (picture courtesy of AlAyam) the SWIFT system that is dif - returning to Iran Stop inciting “sedition and extremism” “The Government of Bahrain the three Future Bank officials in ficult to trace, documents in 2010. has approved an additional list “Tickets will be issued to about seven cases involving the the confiscation of the illegally Bank, in 2004. of transactions between 2004 show. on social media of passengers for travel from those persons who are in the Central Bank of Iran and other transferred money that reached Public Prosecution has un- and 2015, with Bahraini officials Bank Melli and Bank Saderat India to Bahrain,” the embassy government of Bahrain ap - banks. $13 million. covered evidence of a multibil- uncovering hundreds of bank have also been accused by US Bahrain Central Bank of Bahrain tweeted on its twitter handle @ proved list,” the statement said. Tickets will be in May 2016 put Future Bank and issued to those The court also fined the Cen- Future Bank, based in Ma- lion-dollar corruption scheme accounts tied to individuals officials of helping finance Iran’s Accounts from Lebanon, Iran promoting sedition, official IndiaInBahrain. The embassy also said that is tral Bank of Iran and the other nama, was a commercial bank in which future bank officials convicted of various terrorism nuclear programme. Iran Insurance Co - the Bahrain The embassy also clarified continuously following up the persons who are in banks involved $1 million each, which was founded as a joint secretly helped Iran evade sanc- crimes, as well as phantom loans The scheme allowed the bank branch of an Iranian insurer - TDT | Manama under administration to “protect ence said. now-dissolved Al Wefaq Socie- that the registrations on the government for approvals for the government of General Advocate Nayef Youssef venture between two Iranian tions for more than a decade. provided to companies that op- to make the transfers in violation The top official said that ty’s account run from Lebanon, list were made on a “first-come, more inbound passengers from Bahrain approved the rights of depositors and Mahmood said. banks - Bank Saderat and Bank Reports say the bank alleged- erate as fronts for Iran’s Islamic of laws and regulations, Public policyholders”. are should be taken not to avoiding such posts “contrib- and another “Al Wafa Move- first-served basis”. India to Bahrain, in addition to list Besides, the court ordered Melli - and Bahrain’s Ahli United ly concealed at least $7 billion Revolutionary Guard Corps. Prosecution stated. Cinteract with social me - utes to protecting society from ment” run from Iran. People whose names are on the early operation of Air bub- dia users inciting “sedition extremist ideas, encouraging The accounts have posted the approved list of passengers, ble arrangement. INDIAN EMBASSY BAHRAIN and extremism” through their moderation and preserving the allegations by individuals in- the embassy said, will receive India is currently negotiating accounts, threatening social social fabric.” volved in terrorist cases to un- an email confirmation or call to with 13 more countries to estab- peace, warned a top official. The director-general further dermine efforts to mitigate the purchase tickets. lish air bubble arrangements for Do not “share or repost” said an investigation is ongo- spread of the coronavirus and The embassy also tweeted international flight operations. Forcing housemaid into prostiution, trial begins next month posts made by accounts run ing to determine the origin of precautionary measures taken that the list of the shortlisted Meanwhile, India’s Minis- al flights from India need not TDT | Manama from Iran and Lebanon, the accounts sharing posts and put- to ensure a safe commemora- passengers has been shared try of Civil Aviation (Mo CA) apply to (MoCA) and can di- lic Prosecution completed its regular chats managed to gain apartment and forced to have Director-General of Criminal ting social peace at risk. tion of Ashoora in Bahrain, he with Air India office in Ma - on Wednesday said that the rectly book their tickets with he First High Criminal The suspect forcefully investigations into the case and her trust and convinced the lady sex with several customers, from Investigation and Forensic Sci- An investigation is also on the said. nama. passengers taking internation- the airlines. TCourt will next month start took the victim to his referred it to the court, which to meet him outside her employ- whom he collected money. hearing in a human trafficking apartment in Umm Al will review it on September 15. er’s house, only to find herself The woman, who escaped case against a man accused of Hassam and assaulted her According to Bufarsen, the in a trap. from the apartment through a detaining a housemaid and forc- sexually. He also forced victim, an Asian national, was Court documents say, the sus- window there when the man ing her into prostitution. to have sex with several working as a domestic worker pect forcefully took the victim to was outside, alerted police about Capital Governorate Chief customers, from whom he when she got acquainted with his apartment in Umm Al Has- her ordeal. Prosecutor Ahmed Bufarsen re- collected money. the accused through a social me- sam and assaulted her sexually. The prosecution charged the cently confirmed that the Pub- dia platform. The man through He also detained her in the man with human trafficking. Minister inaugurates STATEMENT OF PROFIT & LOSS 30 JUN 30 JUN FOR THE SIX MONTH PERIOD 2020 2019 new expansion of ENDED Amounts are in Bahraini Dinars (Reviewed) (Reviewed) SMC emergency wing SUMMARY FINANCIAL STATEMENTS Income FOR THE PERIOD ENDED 30 JUNE 2020 Gross premiums written 2,030,187 4,623,699 Insurance premiums ceded (145,920) (161,829) Net insurance premiums written 1,884,267 4,461,870 Change in unearned premiums 521,239 (34,043) 30 JUN 31 DEC Other Insurance Income 117,750 327,308 BALANCE SHEET AS AT Total income from insurance operations 2,523,256 4,755,135 2020 2019 Expenses Gross claims paid (1,337,654) (1,928,593) Amounts are in Bahraini Dinars (Reviewed) (Audited) Claims recovered from reinsurers 104,853 93,926 ASSETS Net claims paid (1,232,801) (1,834,667) Non-current assets Change in provision for O/S Claims 581,367 (10,145) Property Plant and equipment 178,849 200,877 Commissions paid (62,625) (111,214) Investment property 538,357 538,357 Motor compensation fund contribution (12,752) (32,078) Available for sale investments 10,658,330 10,654,586 Staff costs (584,657) (800,873) 11,375,536 11,393,820 General and Administrative expenses (301,559) (265,807) Current assets Depreciation (26,158) (26,870) Reinsurance contract receivables 974,811 1,096,286 Total expenses from insurance operations (1,639,185) (3,081,654) Other receivables and prepayments 371,427 348,371 Net Income from insurance operations 884,071 1,673,481 Statutory deposit 94,091 75,000 Investment income 520,254 743,770 Write-off of available-for-sale investments — (63,381) Health Minister Faeqa bint Saeed Al Saleh inspecting the newly expanded Mudaraba
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