Statement Regarding the Trade Bank of Iraq

DUBAI, UAE, June 9, 2011 /PRNewswire/ -- Hussein Al-Uzri, the founder and first Chairman and President of the Trade Bank of Iraq ("TBI") has noted certain recent allegations by Iraqi government officials concerning TBI. These allegations are unsubstantiated, are entirely without foundation and will be challenged vigorously through all possible legal and political channels.

During more than 7 years running TBI, until his unwarranted summary dismissal on 2nd June 2011, Mr Al-Uzri has always striven to maintain the highest possible levels of corporate governance, as evidenced by the fact that the bank has grown from nothing to be the largest bank in Iraq. It now has international banking relationships with a total of 134 banks in 39 countries who have together provided TBI with substantial lines of credit. These banks include JP Morgan, Deutsche Bank and Standard Chartered. Agreements have been arranged with 17 of the largest Export Credit Agencies in the world. It has been audited by leading western firms from foundation, Ernst & Young for the first five years and then PricewaterhouseCoopers, who gave an unqualified report for 2010.

It is Mr Al-Uzri's belief that these allegations have been fabricated for no other reason than to further the political and financial ambitions of others. He intends to defend his reputation As a first step, as a matter of urgency, he asks the Government of Iraq to appoint a leading, international independent auditor to examine the allegations. Mr Al-Uzri will willingly cooperate with this investigation.

Commenting on the allegations, Mr Al-Uzri said, "My immediate concern is the well being and reputation of TBI and its hard working and loyal employees. These allegations only insult them and will cause harm to the bank and the reputation of Iraq and its financial sector."

SOURCE Mr Al-Uzri's Press Office