Amsterdam & Partners Explores Legal Options Against Trade Bank of Iraq

Amsterdam & Partners Issues Stern Warning to Trade Bank of Iraq

A law firm has raised alarms regarding the Trade Bank of Iraq's (TBI) potential illegal settlement with the Hanna Brothers, who have been criminally convicted for fraud. Amsterdam & Partners LLP, representing the notable Iraqi-American businesswoman Sara Hamed Saleem, is urging TBI to reconsider its intended actions. Legal representatives emphasize that proceeding with this arrangement could lead to severe consequences for TBI, marking a critical moment for both the bank and its associated parties.

Robert Amsterdam, the founder and managing partner of the firm, has articulated that such a deal suggests a redirection of TBI's role from acting as a complainant to becoming a co-conspirator in fraud. "This is not merely a settlement, but an act of obstruction of justice," Amsterdam stated. By engaging with convicted fraudsters, TBI risks undermining not just justice, but also the trust that public institutions should uphold.

Implications of the Planned Settlement

The proposed settlement would effectively shield the Hanna Brothers, Nizar, Namir, and Ramez, from facing the full consequences of their actions, despite existing legal judgments against them. Such a course is viewed as a severe breach of legal and ethical standards, particularly within the context of Iraqi law and international anti-corruption efforts.

Amsterdam has voiced concerns over the broader implications of this decision, suggesting that it directly supports Iranian interests while compromising Iraq's sovereignty. A public financial institution must function within the realm of justice and cannot conceal illegal transactions under the guise of political pressures. Amsterdam insists that such a settlement is fundamentally at odds with the principles a public bank ought to represent.

Legal Repercussions for the Trade Bank

Should TBI decide to proceed with the settlement, Amsterdam & Partners has signaled readiness to take decisive action. This includes pursuing U.S. sanctions targeted at the bank, initiating anti-money-laundering measures, and potentially holding liable any individuals within TBI who participate in facilitating such corruption.

"The bank's access to international finance could be severely impacted," Amsterdam asserted. This level of accountability aligns with the firm's commitment to uphold justice for victims like Ms. Saleem, who is entitled to restitution stemming from the convictions of the Hanna Brothers.

A Call to Uphold Integrity

The correspondence by Amsterdam & Partners to the general manager of TBI provides a stark ultimatum: continue down a path of corruption or return to lawful operations as a public financial institution. The ramifications of these decisions will be immediate and irrevocable, further emphasizing the importance of ethical behavior in banking practices.

In conclusion, Amsterdam & Partners remains steadfast in its mission to represent clients like Ms. Saleem and to advocate for justice. The ongoing legal battle underscores the complexities of governance and the pressing need for integrity within financial institutions.

Frequently Asked Questions

What is the issue involving the Trade Bank of Iraq?

The Trade Bank of Iraq intends to pursue a settlement with convicted fraudsters, raising concerns over legality and ethics.

Who is representing Sara Hamed Saleem?

Amsterdam & Partners LLP is representing Sara Hamed Saleem in her fight for restitution.

What could happen if the settlement proceeds?

If the settlement goes ahead, that action could lead to potential legal repercussions, including sanctions and anti-money-laundering actions.

What are the Hanna Brothers accused of?

The Hanna Brothers have been convicted of fraud, yet the proposed settlement would allow them to evade further accountability.

What is Amsterdam & Partners' stance on the settlement?

Amsterdam & Partners strongly opposes the settlement, considering it an obstruction of justice and harmful to Iraq's sovereignty.

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