[IsraelTimes] Ayandeh Bank’s assets to be absorbed by state-owned Melli Bank after racking up $2.9 billion in debts; Iranian economy minister insists customers ‘have nothing to worry about’
Iran
 ...a theocratic Shiite state divided among the Medes, the Persians, and the (Arab) Elamites. Formerly a fairly civilized nation ruled by a Shah, it became a victim of Islamic revolution in 1979. The nation is today noted for spontaneously taking over other countries' embassies, maintaining whorehouses run by clergymen, involvement in international drug trafficking, and financing sock puppet militias to extend the regime's influence. The word Iran is a cognate form of Aryan. The abbreviation IRGC is the same idea as Stürmabteilung (or SA). The term Supreme Guide is a the modern version form of either Duce or Führer or maybe both. They hate Jews Zionists Jews. Their economy is based on the production of oil and vitriol...
declared one of the country’s largest private banks bankrupt with its assets absorbed by the state, official media reported Saturday, in a rare move in the country grappling with international sanctions.
Founded in 2012, Ayandeh Bank had a network of 270 branches across the country, including 150 in the capital Tehran alone. But it had more recently been crippled by debt, with accumulated losses amounting to the equivalent of about $5.2 billion and roughly $2.9 billion in debts, according to the ISNA news agency.
On Saturday, queues of customers could be seen outside a former Ayandeh Bank branch in Tehran, with police also present, an AFP journalist reported.
The state-owned Melli Bank has absorbed the assets of the now-defunct Ayandeh Bank, following a decision by the Central Bank, which has given assurances that depositors will be able to recover their savings.
"The transfer from Ayandeh Bank to Melli Bank is now complete," said Melli Bank director Abolfazl Najarzadeh on state television
... and if you can't believe state television who can you believe?
on Saturday.
On Thursday, Iranian Economy Minister Ali Madanizadeh said Ayandeh Bank customers had "nothing to worry about."
"Squirrel!"
An official at the Central Bank of Iran, Hamidreza Ghaniabadi, said "bad debts" had prompted the bankruptcy.
He told Iran’s IRNA news agency that "more than 90 percent of Ayandeh Bank’s funds were allocated either to parties related to the bank or to projects managed by the bank itself," which were never repaid.
Ayandeh Bank had been behind lavish projects such as the immense Iran Mall shopping complex in Tehran, which includes an ice rink and cinemas.
In addition to Ayandeh, five other banks — Sarmayeh, Day, Sepah, Iran Zamin and Melal — are also facing difficulty, according to Iran’s Tasnim news agency.
The United Nations
...boodling on the grand scale...
reimposed tough sanctions on Iran in September after months of tense diplomacy aimed at reviving nuclear talks derailed since June, when Israeli and US forces bombed Iranian nuclear facilities.
The sanctions are a "snapback" of measures frozen in 2015 when Iran agreed to major restrictions on its nuclear program under a deal that President Donald Trump
...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and whatever other unpleasant descriptions they can think of, elected by the rest of us as 45th and 47th President of the United States...
withdrew from in 2018 during his first term.
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