DOCSLIB.ORG

Future Bank AR Finalfin2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Future Bank AR Finalfin2 ANNUAL REPORT 2007 THE FUTURE PROMISES EVEN MORE RELATIONSHIPS MAIN BRANCH / HEAD OFFICE P.O. Box 785 City Centre Building 199 Road 203, Block 304 Manama Government Avenue Kingdom of Bahrain Tel: 17 505000 Fax: 17 224402 Swift: FUBBBHBM SITRA BRANCH P.O. Box 70115 Shop No. 57 Z Area : West Al Eker, Road 4203 Sh. Jabbar Al Ahmed Al Sabah Block 624 Sitra (Next to Mohd Mahmood Kooheji Showroom) Kingdom of Bahrain Tel : 17 505032 / 17 704747 Fax: 17 704700 Swift: FUBBBHBMSIT MUHURRAQ BRANCH P.O. Box 22309 Shop No. 270 Shaikh Hamad Road Muharraq 211 Kingdom of Bahrain Tel: 17 505031 – 17 343840 Fax: 17 345672 TEHRAN REPRESENTATIVE OFFICE No.25 Tandees Avenue Africa Highway Tehran Iran Tel: +9821 22053351 Fax: +9821 26201311 CONTENTS 3 Financial Highlights 4 Board of Directors’ Report 5 Board of Directors 6 Group Management 7 Board Committee Members and Organization Chart 8 Major Shareholders, Voting Rights and Directors’ Interest 10 CEO’s Statement and Management Review 12 Risk Management Overview 14 Financial Review 16 Auditor’s Report 17 Financial Statements - 2007 When we envision the future, we see ‘more’. More clients. Better products. Superior technology, leading to quality operations, taking the concept of client satisfaction to newer levels. We will interact to identify expectations, fulfill more promises, while exploring more possibilities... together. That’s what the future is all about. Going forward, despite challenges, we as a financial institution offer more new age financial services and solutions. By providing more options to our customers, we are confident of progressing from today’s banking practices into a future full of timeless achievements. FINANCIAL HIGHLIGHTS 2007 2006 2005 2004 Income and Expenses (USD Millions) Net interest income 30.3 19.9 15.1 5.9 Other income 2.7 1.6 1.0 0.4 Total Income 33.0 21.5 16.1 6.3 Operating expenses 6.9 5.4 4.7 1.6 Profit before provisions 26.1 16.1 11.4 4.7 Net provision / write-back (2.6) (0.1) 1.3 (0.1) Goodwill - - - 1.5 Net profit/(Loss) 23.5 16.0 12.7 6.1 Financial Position (USD Millions) Total assets 1,321.2 1,016.1 399.4 416.3 Net loans 221.0 174.0 142.8 121.2 Placements 904.0 802.2 235.6 265.2 Investments 27.0 14.6 0.0 11.4 Total deposits 1,151.3 887.3 278.4 309.0 Customer deposits 179.4 145.6 131.8 107.8 Shareholder’s equity 154.4 121.9 117.8 105.2 Ratios (percentage) Profitability Net income/Average equity 17.9 14.1 11.4 6.0 Net income/Average assets 2.4 2.5 3.1 3.0 Operating expenses/Total income 21.0 25.4 29.3 26.4 Earning per share (cents) 21 16 13 6 Liquidity Customer deposits/Net loan and advances 81.2 83.7 92.3 88.9 Loans and advances/Total assets 16.7 17.1 35.8 29.1 Liquid assets/Total assets 53.4 72.4 41.9 45.5 Capital Adequacy Capital Adequacy 20.0 15.7 35.6 28.3 Equity/Total Assets 11.7 12.0 29.5 25.3 The attached notes 1 to 31 form part of these financial statements. 3 BOARD OF DIRECTORS’ REPORT - CHAIRMAN’S STATEMENT Future Bank’s growing global reach now extends far beyond its regional presence; thanks to the vast global reach of our shareholders network. On behalf of the members of the Board of increasingly competitive market conditions and staff, whose efforts and dedication have Directors of Future Bank, it is with great during 2007, the Bank reemphasized its served as the cornerstones to the continued pleasure that I present the audited financial commitment to furthering its local presence growth of the Bank’s operations, along with statements for the year ended 31st December and asset base. In serving the needs of all our shareholders, customers and 2007. corporate clients as well as local retail clients, correspondents for their highly valued Future Bank enhanced its credibility in the association. Established as a Joint Venture between Iranian market. Concurrently, the Bank also and Bahraini banks in 2004, Future Bank has maintained due diligence on all fronts, in light By the grace of Allah the Almighty, the Board taken great leaps forward over the period of recent political developments. Concrete looks forward to the Bank’s ongoing success under report to become a bank well on the measures were adopted at mitigating risk and prosperity in the years ahead. strategic path envisioned by its founding and immunizing all the Bank’s operations shareholders. from any adverse external effects. The Bank’s strategic mission is focused on Future Bank continued to maintain its exploiting the complimentary advantages of competitive edge in the Iranian market, which all the national economies which it has come has served as a significant source of business to represent. The combined strength of Future in the past. However, a shift in emphasis was Dr. Hamid Borhani Bank’s major shareholders and their vast in order to balance geographical distribution Chairman global network within the GCC, Europe and and mitigate the concentration of risk. The the Far Eastern markets extends the Bank’s Bank is steadily amassing local and GCC reach far beyond its regional presence. market know-how and continues to build the necessary infrastructure to launch a more With commercial banking activities aggressive retail strategy. progressing at a brisk pace throughout the year, the performance of the Bank On behalf of our shareholders, the Board of remained well ahead of expectations and Directors wish to forward their utmost steadily aimed towards achieving our long- gratitude and appreciation to the authorities term goals. New business is being developed in the Kingdom of Bahrain and the Islamic to increase profitability, while solid steps are Republic of Iran, with a special note of being taken to strengthen new prospects and appreciation to the Central Bank of Bahrain consolidate existing relationships. for their ongoing support of Future Bank. In light of the commercial and financial We also gratefully acknowledge the evolution taking shape in Bahrain and the contributions of Future Bank’s management 4 BOARD OF DIRECTORS 1. DR. HAMID BORHANI 5. DR. VALIOLLAH SEIF 9. MR. SHAHRAM RAZAVI Chairman Chief Executive Officer & Deputy CEO & Director Board Member since 2006 Managing Director Board Member since 2004 Chairman and Managing Board Member since 2004 Standing 1st from Right Director, Bank Saderat Iran Chairman, Melli Bank PLC - UK Chairman, Bank Saderat Seated 1st from Left 10. MR. ADEL EL-LABBAN PLC - UK Director Seated 3rd from Left 6. MR. GHOLAM H. ZAFERANI (Resigned w.e.f. December 2007) Director 2. MR. ALI SEDGHI Board Member since 2004 11. MR. HAMAD AL MARZOUQ Deputy Chairman Deputy CEO, Saman Bank Deputy Chairman Board Member since 2006 Corporation - Iran (Resigned w.e.f. December 2007) Chairman & Managing Director, Seated 1st from Right Bank Melli Iran Seated 2nd from Left 7. MR. GHOLAM SOURI Director 3. A.AZIZ AHMED A. MALEK Board Member since 2004 Deputy Chairman General Manager, Foreign Board member effective 2008 Department, Bank Saderat Iran Non Executive Director, Standing 2nd from Right Netlinks Consultancy Telecommunications Bahrain 8. MR. ABBAS FATEMI TORSHIZI Seated 2nd from Right Deputy CEO & Director Board Member since 2004 4. ADEL AL MANNAI Standing 3rd from Right Director Board member effective 2008 CEO Investors Bank - Bahrain Standing 1st from Left 5 GROUP MANAGEMENT DR. VALIOLLAH SEIF MR. K. SURESH KUMAR MRS. MUNIRA MOH’D TAQI NOORULLA Chief Executive Officer & Managing Head of Corporate Banking Head of Human Resources & Director Administration CAIIB from Indian Institute of Bankers, PhD in Accounting & Finance from Allameh Mumbai. Over 22 years of banking experience Over 35 years of banking experience and Tabatabaei University. Over 26 years of mainly in Corporate Credit - Marketing, holding various banking positions spanning banking experience as Finance Director, Board Appraisal, Risk & Remedial Management at from Chief Accountant, Manager Loan, Credit Member of Bank Sepah, Chairman of the United Bank of India, Oman International & Human Resources at Bank Melli Iran, Board & Managing Director of Bank Mellat, Bank, IDBI Bank and as Senior Vice President Bahrain. Joined the Bank since inception. Bank Saderat, Bank Sepah and Bank Melli at Mizuho Corporate Bank. Joined the Bank Iran. Joined the Bank in 2006. in 2005. MR. MAHMOOD YOUSIF MOHAMMED Branch Manager - Main Branch MR. SHAHRAM RAZAVI MR. MOHAN SHENOY YARMAL Over 35 years of banking experience and Deputy Chief Executive Officer & Deputy Head of Treasury & Investment holding various banking positions spanning Managing Director – Business Development, Treasury & Investment Master of Commerce from the University of from Chief Accountant, Branch Manager at and Retail Banking Mysore. Over 30 years of banking experience Bank Melli Iran Bahrain and Manager, Information Technology. Joined the Bank since MBA Roosevelt University, USA. Over 26 years holding various banking positions as Chief inception. of banking experience as Economics Expert, Accountant and Assistant Dealer in Bank Acting General Manager in Bank Saderat Iran, Saderat Iran, OBU, Bahrain. Joined the Bank MR. RIYADH RASHID ALI AL-SAMAHIJI General Manager in Bank Saderat Iran; Athens since inception. Regional Manager, Muharraq & Sitra Branch & Paris Branch & General Manager Branch International Division. Joined the Bank in MR. MILIND VINAYAK KAMAT 2006. Head of Risk Over 13 years of Banking experience and holding various Banking positions at Bank BCom, FCA. Over 21 years of banking Saderat Iran, Bahrain Branch. Joined the Bank MR. ABBAS FATEMI experience holding various positions in various since inception. Deputy Chief Executive Officer & Deputy banks; Union Bank of India, Bank of Bahrain Managing Director – Risk, Finance & & Kuwait, Mumbai and as Vice President at Operations MR.
Load more

Recommended publications
  • Bank Melli Iran :: History
    Bank Melli Iran :: History http://www.bmi.ir/En/BMIHistory.aspx?smnuid=10011 | (http://bmi.ir) ر (/ar/Default.aspx) | H me (/En/Default.aspx) About Us () Services () Correspondent Banking () Thursday, (/En/Default.aspx) News (http://www.bmi.ir/En/news.aspx?smnuid=10080) Regulations () A ugust 04, 2016 Units () CONCISE HISTORY OF BANK MELLI IRAN IN THE NAME OF GOD The year 1307(1928) should be regarded as a turning point in Iran's banking and economic history. It was in that year that after nearly 40 years of foreign dominance on the country's banking scene, BankMelli Iran, the first Iranian commercial bank was established and the long cherished aspiration of the Iranian nation turned into reality . With the establishment of Bank Melli Iran and consequential suspension of foreign banks licences, the then disorderly economic trend of the country was reversed and the newly founded bank began to gather momentum in strengthening of the economic structure and development of agriculture, industry and commerce by mobilizing the huge financial resources and popular savings and by chanelling credits toward productive activities. During the 85 year period ensuing the foundation of Bank Melli Iran the country has witnessed a great deal of changes and turnarounds. Bank Melli Iran which had been founded as a result of an economic exigency, developed at later stages into an active and dynamic element assuming an accelerating role in the country’s economic advancement. In the year 1310(1931) parliament granted sole powers to Bank Melli Iran to issue banknotes, thus establishing the bank as the country’s bank of issue.
    [Show full text]
  • Iranian Support for Terrorism
    OUTLAW REGIME: A CHRONICLE OF IRAN’S DESTRUCTIVE ACTIVITIES Iran Action Group U.S. DEPARTMENT OF STATE “America will not be held hostage to nuclear blackmail.” PRESIDENT DONALD J. TRUMP, MAY 2018 In recognition of the increasing menace posed by the Iranian regime, President Trump announced a new strategy to address the full range of the regime’s destructive actions. OUTLAW REGIME: A CHRONICLE OF IRAN’S DESTRUCTIVE ACTIVITIES A Letter From Executive Chapter One: 4 Secretary of State 6 Summary 8 Iran’s Support Michael R. Pompeo for Terrorism 18 Chapter Two: 22 Chapter Three: 26 Chapter Four: Iran’s Missile Illicit Financial Iran’s Threat to Program Activities in Iran Maritime Security Chapter Five: Chapter Six: Chapter Seven: 30 Iran’s Threat to 34 Human Rights 40 Environmental Cybersecurity Abuses in Iran Exploitation AP PHOTO OUTLAW REGIME: A CHRONICLE OF IRAN’S DESTRUCTIVE ACTIVITIES | 3 A LETTER FROM U.S. SECRETARY OF STATE MICHAEL R. POMPEO I am pleased to release the State Department’s new report detailing the scope of the Iranian regime’s destructive behavior at home and abroad on the eve of the Islamic Revolution’s 40th anniversary. On May 8, 2018, President Donald J. Trump announced his decision to cease U.S. participation in the Joint Comprehensive Plan of Action (JCPOA), commonly referred to as the Iran deal. The Iran deal was proving to be a failed strategic bet that fell short of protecting the American people or our allies from the potential of an Iranian nuclear weapon. The futility of entrusting our long term security to an agreement that will quickly expire was underscored by the recent bombshell that Iran had secretly preserved its past nuclear weapons research after the implementation of the JCPOA.
    [Show full text]
  • Banking in the Middle East
    Banking in the Middle East Anwar All* ODERN BANKING in the Middle East dates from the second M half of the last century. The Ottoman Bank in Turkey, estab- lished in 1863, is, perhaps, the oldest modern banking institution in the area. Banking has made slow but steady progress ever since, the progress depending upon the pace of economic development in various countries and of the transition from predominantly barter to semi- market economies. More recently, with the emphasis placed on eco- nomic development in a number of countries, there have been definite efforts to extend banking services and diversify banking institutions. However, the improvement has by no means been uniform. In some countries, for example, a nomadic way of life still survives, and there is no regularly organized banking system or paper currency. Thus, while progress in recent years has been steady, the banking structure of the Middle East still reflects, on the whole, the economic backwardness of the area and the limitations of domestic banking. Various causes have retarded progress in the development of banking. The basic cause has been the primitive, underdeveloped, and, until com- paratively recently, the almost self-contained nature of the economy in many countries of the region. Nearly 80 per cent of the people live upon agriculture and practice primitive methods of cultivation that yield extremely low crops.1 Much of the agricultural produce does not enter the market but is consumed by the producers or bartered for services and other necessities. The monetization of the economy is thus, in varying degrees, incomplete.2 The majority of the countries export primary commodities and are dependent upon imports for most of the finished consumer goods that they need.
    [Show full text]
  • The General Court Annuls the Acts of the Council Freezing The
    General Court of the European Union PRESS RELEASE No 99/13 Luxembourg, 6 September 2013 Judgments in Joined Cases T-35/10 and T-7/11 Bank Melli Iran; Case T-493/10 Persia International Bank plc; Joined Cases T-4/11 and T-5/11 Export Development Bank of Iran; Case T-12/11 Iran Insurance Company; Case T-13/11 Post Bank Iran; Case T-24/11 Bank Refah Kargaran; Case T-434/11 Europäisch-Iranische Handelsbank AG; Joined Cases T-42/12 and T-181/12 Naser Bateni; Case T-57/12 Good Luck Shipping, and Press and Information Case T-110/12 Iranian Offshore Engineering & Construction Co. v Council The General Court annuls the acts of the Council freezing the funds of seven companies and one person in connection with the restrictive measures taken against Iran with the aim of preventing nuclear proliferation Bank Melli Iran and Europäisch-Iranische Handelsbank remain on the list of those whose funds are frozen In order to apply pressure on Iran to end its proliferation-sensitive nuclear activities and the development of nuclear weapon delivery systems, the Council of the European Union adopted decisions and regulations freezing the funds of persons and entities identified by the Council as being involved in nuclear proliferation. The persons and entities concerned are named in a list annexed to each of those regulations, together with a statement of the Council’s reasons for including each person or entity. The persons and entities in the cases before the Court had been designated by decisions of the Council as having been involved in Iran’s nuclear programme, and their names were therefore listed in the annexes to the regulations providing for the funds of such persons to be frozen.
    [Show full text]
  • Federal Register/Vol. 85, No. 63/Wednesday, April 1, 2020/Notices
    18334 Federal Register / Vol. 85, No. 63 / Wednesday, April 1, 2020 / Notices DEPARTMENT OF THE TREASURY a.k.a. CHAGHAZARDY, MohammadKazem); Subject to Secondary Sanctions; Gender DOB 21 Jan 1962; nationality Iran; Additional Male; Passport D9016371 (Iran) (individual) Office of Foreign Assets Control Sanctions Information—Subject to Secondary [IRAN]. Sanctions; Gender Male (individual) Identified as meeting the definition of the Notice of OFAC Sanctions Actions [NPWMD] [IFSR] (Linked To: BANK SEPAH). term Government of Iran as set forth in Designated pursuant to section 1(a)(iv) of section 7(d) of E.O. 13599 and section AGENCY: Office of Foreign Assets E.O. 13382 for acting or purporting to act for 560.304 of the ITSR, 31 CFR part 560. Control, Treasury. or on behalf of, directly or indirectly, BANK 11. SAEEDI, Mohammed; DOB 22 Nov ACTION: Notice. SEPAH, a person whose property and 1962; Additional Sanctions Information— interests in property are blocked pursuant to Subject to Secondary Sanctions; Gender SUMMARY: The U.S. Department of the E.O. 13382. Male; Passport W40899252 (Iran) (individual) Treasury’s Office of Foreign Assets 3. KHALILI, Jamshid; DOB 23 Sep 1957; [IRAN]. Control (OFAC) is publishing the names Additional Sanctions Information—Subject Identified as meeting the definition of the of one or more persons that have been to Secondary Sanctions; Gender Male; term Government of Iran as set forth in Passport Y28308325 (Iran) (individual) section 7(d) of E.O. 13599 and section placed on OFAC’s Specially Designated [IRAN]. 560.304 of the ITSR, 31 CFR part 560. Nationals and Blocked Persons List Identified as meeting the definition of the 12.
    [Show full text]
  • Department of the Treasury
    Vol. 76 Thursday, No. 126 June 30, 2011 Part IV Department of the Treasury Office of Foreign Assets Control 31 CFR Chapter V Alphabetical Listings: Specially Designated Nationals and Blocked Persons; Blocked Vessels; Persons Determined To Be the Government of Iran; Final Rule VerDate Mar<15>2010 18:07 Jun 29, 2011 Jkt 223001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\30JNR3.SGM 30JNR3 srobinson on DSK4SPTVN1PROD with RULES3 38534 Federal Register / Vol. 76, No. 126 / Thursday, June 30, 2011 / Rules and Regulations DEPARTMENT OF THE TREASURY Background additions and deletions of names, as The Department of the Treasury’s well as changes in identifying Office of Foreign Assets Control Office of Foreign Assets Control information, it provides more up-to-date (‘‘OFAC’’) maintains a list of blocked information than the list of persons 31 CFR Chapter V persons, blocked vessels, specially previously published on an annual basis designated nationals, specially at Appendix A. Alphabetical Listings: Specially Persons engaging in regulated Designated Nationals and Blocked designated terrorists, specially designated global terrorists, foreign activities are advised to check the Persons; Blocked Vessels; Persons Federal Register and the most recent Determined To Be the Government of terrorist organizations, and specially designated narcotics traffickers whose version of the SDN List posted on Iran OFAC’s Web site for updated property and interests in property are information on blocking, designation, blocked pursuant to the various AGENCY: Office of Foreign Assets identification, and delisting actions economic sanctions programs Control, Treasury. before engaging in transactions that may administered by OFAC. OFAC be prohibited by the economic sanctions ACTION: Final rule.
    [Show full text]
  • Secondary Sanctions on the Iranian Financial Sector Create De Facto Embargo with Lasting Implications for the Biden Administration
    Secondary Sanctions on the Iranian Financial Sector Create De Facto Embargo with Lasting Implications for the Biden Administration Abigail Eineman IRAN WATCH REPORT John P. Caves III January 2021 1 Introduction During their confirmation hearings last week in the U.S. Senate, President Joe Biden's key national security nominees noted that the new administration was prepared to return to the nuclear accord with Iran, but warned that such a return would not be swift. First, Iran would have to resume compliance with the accord's nuclear restrictions in a verifiable manner, according to Secretary of State designate Antony Blinken, at which point the United States would resume compliance as well. President Biden’s choice for director of national intelligence, Avril Haines, estimated during her confirmation hearing that “we are a long ways from that.”1 Compliance for the United States would mean reversing at least part of the Trump administration's “maximum pressure” campaign—a set of overlapping trade and financial restrictions on almost every part of Iran's economy. The outgoing administration made such a reversal more challenging, particularly as a result of the sanctions imposed on Iran's financial sector in the administration's final months. On October 8, 2020, the United States designated Iran’s financial sector pursuant to Executive Order (E.O.) 13902 and sanctioned eighteen Iranian banks.2 In doing so, the U.S. Treasury Department applied secondary sanctions to Iran's entire financial sector for the first time, potentially barring foreign entities from the U.S. financial system should they do business with Iranian banks.
    [Show full text]
  • ANNUAL REPORT 2012 ENDURANCE Main Branch / Head Office P.O
    BETTERMENT THROUGH ANNUAL REPORT 2012 ENDURANCE Main Branch / Head Office P.O. Box 785 City Centre Building 199 Road 203, Block 304 Manama Town Government Avenue Kingdom of Bahrain Tel: +973 - 17505000 Fax: +973 - 17224402 Swift Code: FUBBBHBM Muharraq Branch P.O. Box 22309 Bldg 263, Road 311 Muharraq 203 Shaikh Khalifa bin Salman Avenue Kingdom of Bahrain Tel: +973 - 17322494 Fax: +973 - 17323644 Swift Code: FUBBBHBMMUH Budaiya Road Branch P.O. Box 70115 Shop No. 8 B Country Mall Budaiya Highway Kingdom of Bahrain Tel: +973 - 17596666 Fax: +973 - 17596111 Swift Code: FUBBBHBMSIT Tehran Representative Office No.20, West Nahid St. Africa Blvd. Tehran Islamic Republic of Iran Tel: +9821 - 22026101/22026409/22205104 Fax: +9821 - 26201311 FUTUREBANK B ANNUAL REPORT 2012 TABLE OF CONTENTS Financial Highlights 03 Chairman’s Statement 04 Board of Directors 06 Board Committee Members 07 Corporate Governance Report 08 Major Shareholders, Voting Rights & Directors’ Interests 12 CEO’s Statement & Management Review 14 Group Management 18 Group Management Committees 19 Organisation Chart 19 Financial Review 20 Auditors’ Report 23 Financial Statements – 2012 24 Disclosures 55 BUSINESS PHILOSOPHY Vision To be recognised as a Bank for its ability to build financial bridges connecting our customers and regional markets. Mission To maximise stakeholders’ interests by becoming the partner of choice for all those who value personalised attention. Purpose To serve the community with care and conscience and make a tangible difference to lives. Endurance is the
    [Show full text]
  • Energizing Digital Lending for Msmes
    Vol. 16 No. 2 June 2017 `75 Pages 56 Iranian banking Addressing NPAs AfDB annual meeting Utkarsh Small Finance Bank www.bankingfrontiers.com Energizing digital lending for MSMEs CA Abhay Bhutada Managing Director, TAB Capital Editor’s Blog Manoj Agrawal Mobile : 98673 66111 Email : [email protected] June 2017 - Vol. 16 No. 2 Group Publisher : Babu Nair Group Editor : Manoj Agrawal Banks, Robbers & Thieves Editor : N. Mohan wo news items caught my attention today (June 13). In Mumbai, a gang of thieves drilled a hole into the wall of a jewelry store and stole jewelry and cash valued Editorial Tat about `31 lakh. The gang had hired the adjacent shop and were doing a Mehul Dani, Ravi Lalwani, business of selling mangoes. V. Raghuraman, Surekha Galagoda The news report said that they were keeping a close watch on Research Editors the jewelry store and discovered Prof Venugopal Iyengar, V. Babu, that the surveillance camera had Ratnakar Deole, W.A. Wijewardena, stopped functioning. That is when Sanchit Gogia, K.C. Shashidhar, they made their strike. The KYC L.S. Subramanian, Ajay Kumar papers they had submitted to rent Advisor-Alliances the shop were apparently fake. Ateeq Siddique The other news item in today’s newspaper is that thieves broke Marketing into the strong room of PNB branch in Modi Nagar in UP. Here too the modus operandi Zahid Siddique, Arun D’Souza was to make a hole in the wall. The thieves broke up 30 safe lockers. Obviously, the Events & Operations customers who had rented those lockers were very angry. Gautam Magare, Shirish Joshi, Is breaking walls the new tactic of thieves? Typical of any place of value is that Stalin Saldhana, Pramod Jadhav, 5 out of 6 sides are walls/floor/ceiling.
    [Show full text]
  • Zarif Holds Talks with Aoun Some Countries in Regard to Humanitarian Issues
    ‘Iranian refugees in Total inks major gas Infantino offers German experts restore 21516Australia not in 5 deal in Iran condolences after artworks at Tehran suitable condition’ Pourheydari passing museum WWW.TEHRANTIMES.COM I N T E R N A T I O N A L D A I L Y VelayatiVe ururgesg EuEurope to wowork for pepeace in MMideasti 2 16 Pages Price 10,000 Rials 38th year No.12693 Wednesday NOVEMBER 9, 2016 Aban 19, 1395 Safar 9, 1438 Citizenship Rights Charter awaiting thumbs-up: ZZarifarif holdsholds ttalksalks wwithith AAounoun presidential advisor EXCLUSIVE INTERVIEW POLITICS TEHRAN — Iranian The visit came days after Aoun desk By Maryam Qarehgozlou&Ali Kushki Foreign Minister was elected president. The post had Mohammad Javad Zarif who made a remained vacant for 29 months due Iran says it has finished a draft of the long-waited-for high-profile visit to Beirut starting on to rivalry between powerbrokers in Citizenship Rights Charter after it underwent a thorough Monday held talks with the newly-elected Lebanon. revision, now awaiting for an approval by the Majlis (Iran’s Lebanese President Michel Aoun as well Immediately after his arrival in Beirut, parliament), government, or cabinet. as the prime minister, parliament Speaker, Foreign Minister Zarif held talks with “An initial draft of the Citizenship Rights Charter was and Hezbollah chief. President Aoun. 2 drawn up just months after President Rouhani took office and made available to the public in November 2013,” Elham Aminzadeh, the presidential advisor on citizenship rights, told the Tehran Times on Monday. Aminzadeh said it took until now to come up with the first and second versions of the charter after having listened to public and expert opinions of a pool of resources.
    [Show full text]
  • 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.
    [Show full text]
  • Federal Register/Vol. 75, No. 117/Friday, June 18, 2010/Rules
    34630 Federal Register / Vol. 75, No. 117 / Friday, June 18, 2010 / Rules and Regulations DEPARTMENT OF THE TREASURY the importation of Iranian-origin goods Iran in section 560.304 of the ITR. That and services. Subsequently, in definition includes: Office of Foreign Assets Control Executive Order 12957, issued on March (a) The state and the Government of 15, 1995, under the authority of, inter Iran, as well as any political 31 CFR Part 560 alia, the International Emergency subdivision, agency, or instrumentality Economic Powers Act (50 U.S.C. 1701– thereof; Iranian Transactions Regulations 1706) (‘‘IEEPA’’), the President declared (b) Any entity owned or controlled AGENCY: Office of Foreign Assets a national emergency with respect to the directly or indirectly by the foregoing; Control, Treasury. actions and policies of the Government and ACTION: Final rule. of Iran, including its support for (c) Any person to the extent that such international terrorism, its efforts to person is, or has been, or to the extent SUMMARY: The Department of the undermine the Middle East peace that there is reasonable cause to believe Treasury’s Office of Foreign Assets process, and its efforts to acquire that such person is, or has been, * * * Control (‘‘OFAC’’) is amending the weapons of mass destruction and the acting or purporting to act directly or Iranian Transactions Regulations in the means to deliver them. To deal with that indirectly on behalf of any of the Code of Federal Regulations to expand threat, Executive Order 12957 imposed foregoing * * *. the scope of Appendix A to Part 560 to prohibitions on certain transactions This expansion in scope of Appendix A encompass any person determined by with respect to the development of to Part 560 will better assist U.S.
    [Show full text]