Aug 2, 2021, 6:37 PM
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Ruling of Bahraini court on Iranian banks sees no legal validity: CBI

Tehran, IRNA – The Central Bank of Iran (CBI) said in a statement on Monday that the conviction of the CBI, other Iranian banks, and individuals in Bahrain and possible votes on this issue are clearly worthless.

In reaction to the baseless news in Bahraini media condemning some Iranian banks and individuals on charges of money laundering, the CBI issued a statement.

It noted that Al-Mustaqbal Bank, which was set up in 2004 with the permission of the Bahraini government and with the equal shares of some Iranian and Bahraini Banks operated under the full supervision of its Central Bank.

In support of cutting political ties between Saudi Arabia and Iran, Al-Mustaqbal Bank was abruptly seized by the Central Bank of Bahrain and its Iranian managers were expelled from Bahrain and the bank was under the supervision of the Central Bank of Bahrain, and as a result, it was expropriated from its Iranian shareholders, it added.

It stated that about five years after the seizure and expropriation, it was revealed through news published in some media outlets that the Bahraini government had attempted to charge Al-Mustaqbal Bank with money laundering in Bahraini courts.

However, the CBI has so far received no notice of the initiation of judicial proceedings of Bahrain’s domestic courts on the charges against it, while considering any action taken by the Bahraini government and judiciary against the Central Bank of the Islamic Republic of Iran, which enjoys judicial and administrative immunity, is inconsistent with international law, it highlighted.

CBI reiterated that if the published news against the CBI, other banks, and individuals of Iran’s banking system in Bahrain are correct, the possible votes referred to them are clearly worthless and will severely undermine Bahrain’s reputation as a place for foreign investment.

CBI calls on the Bahraini government and judicial authorities to immediately halt their judicial attempts against CBI and Iranian individuals and banks.

Earlier on Sunday, Iranian Foreign Ministry spokesman Saeed Khatibzadeh categorically dismissed allegations and denounced an action by Bahrain’s High Criminal Court to fine the Central Bank of Iran and some other Iranian banks on baseless charges, saying the ruling of the court has no legal validity.

Khatibzadeh said that the judicial process in the courts of Bahrain against the Central Bank of Iran and Iranian individuals and banks is so distorted that Iran does not have any official and reliable source to know the details of the cases, except for some media sources.

He, therefore, said that any announcement in this regard is based on the news published in the media.

The general purpose of filing these cases and making baseless accusations and claims against the Central Bank of Iran, Saderat, Melli banks, and some managers of these banks are based on political motives and has no legal value, the spokesman said.

Apparently, the Bahraini court is merely the executor of the orders and decisions of the Bahraini political and security apparatus in these cases, Khatibzadeh said, adding that the cases lack judicial standards related to a fair trial so that the Iranian side has been deprived of its basic rights.

He reiterated that the judicial process has been blurred and distorted.

Filing these false criminal charges, and their investigation and issuance of verdicts in these cases is illegal in the eye of the Islamic Republic of Iran, Khatibzadeh said, taking the Bahraini government responsible for its action.

Obviously, the Islamic Republic of Iran has the right to use all the national and international means to oppose such actions by Bahrain and will not fail to defend the interests and rights of its citizens, the spokesman said.

Translated by Amin Mohammadzadegan Khoyi

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