Search

 

Cablegate: Bahrain's Central Bank Takes Action Against Future

VZCZCXRO6097
PP RUEHBC RUEHDE RUEHDIR RUEHKUK
DE RUEHMK #1029 3181526
ZNY CCCCC ZZH
P 141526Z NOV 07
FM AMEMBASSY MANAMA
TO RUEHC/SECSTATE WASHDC PRIORITY 7404
INFO RUCNIRA/IRAN COLLECTIVE PRIORITY
RHBVAKS/COMUSNAVCENT PRIORITY
RHMFISS/HQ USCENTCOM MACDILL AFB FL PRIORITY
RUEATRS/TREASURY WASHDC PRIORITY

C O N F I D E N T I A L MANAMA 001029

SIPDIS

SIPDIS

STATE FOR T, ISN, EUR, EAP, NEA

E.O. 12958: DECL: 11/14/2017
TAGS: PARM PREL MNUC KNNP EFIN ECON IR BA
SUBJECT: BAHRAIN'S CENTRAL BANK TAKES ACTION AGAINST FUTURE
BANK

REF: MANAMA 1016

Classified By: Ambassador Adam Ereli, reasons 1.4(b) and (d).

1.(C) In a meeting with the Ambassador on November 13, Central Bank of Bahrain (CBB) Governor Rashid Al-Miraj said that he was taking steps to prevent Future Bank from engaging in any illicit activity. He acknowledged the seriousness of the situation and said that Bahrain wanted to be proactive on its own so that US authorities would not have to take additional action.

2.(C) Al-Miraj said that the CBB has assigned independent auditors to Future Bank. Their job will be to review all bank transactions weekly and to ensure that they only include local, retail transactions. (Note: Future Bank's deposits currently total roughly USD 266 million. End Note.) The CBB will also appoint two independent members to the board of directors, ensuring strategic oversight and maintaining tight control over Future Bank's operations. "We are, in essence, taking control of the bank," he said.

3.(C) In coordination with the CBB, Future Bank's minority shareholder, Ahli United Bank (AUB), will place its shares in blind trust. Al-Miraj added that AUB would prefer to sell its stake in Future Bank and that he would like to make the Iranians minority shareholders, but that no investors wanted to participate in a tainted enterprise.

4.(C) Al-Miraj said he was confident that the measures taken by the CBB were sufficient to meet US concerns. He asked that if we have information about other Future Bank activity or holdings that the CBB has not sufficiently regulated, we share it with the CBB so he can take appropriate action. ********************************************* ******** Visit Embassy Manama's Classified Website: XXXXXXXXXXXX********************************************* ******** ERELI

© Scoop Media

 
 
 
World Headlines

 


Palestinian Ministry of Health: Developments In The Health Situation During The Israeli Aggression On The Cities & Governorates Of The Gaza Strip
For the second day in a row, the Israeli aggression against the Gaza Strip continues by targeting overcrowded residential areas and neighborhoods, as the death toll rose to 13 citizens, including a 5-year-old girl and a 23-year-old woman... More>>


UN: Horn Of Africa Faces Most ‘Catastrophic’ Food Insecurity In Decades, Warns WHO

The World Health Organization (WHO) warned on Tuesday that the Greater Horn of Africa is experiencing one of the worst famines of the last 70 years... More>>

FAO: Warns 90 Per Cent Of Earth’s Topsoil At Risk By 2050
A full 90 per cent of the Earth’s precious topsoil is likely to be at risk by 2050, according to the UN Food and Agriculture Organization, FAO...
More>>


Somalia: ‘We Cannot Wait For Famine To Be Declared; We Must Act Now’
Rising acute food insecurity in Somalia has caused more than 900,000 people to flee their homes in search of humanitarian assistance since January last year, the Food and Agriculture Organization (FAO) has warned... More>>

UN: American West Faces Water And Power Shortages Due To Climate Crisis
Two of the largest reservoirs in the United States are at dangerously low levels due to the climate crisis and overconsumption of water, which could affect water and electricity supply for millions in six western states and Mexico, the UN Environment Programme (UNEP) warned on Tuesday... More>>



Singapore: UN Experts Call For Immediate Moratorium On Executions For Drug Offences

UN experts* today condemned the execution of Nazeri Bin Lajim, a 64-year-old Malay Singaporean national convicted of drug offenses and urged the Government of Singapore to halt plans to execute individuals on death row for drug related charges... More>>