US embassy cable - 03ABUDHABI2275

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UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO REMIT ASSETS TO THE U.S.

null
Diana T Fritz  05/24/2007 04:19:03 PM  From  DB/Inbox:  Search Results

Cable 
Text:                                                                      
                                                                           
      
CONFIDENTIAL

SIPDIS
TELEGRAM                                             May 10, 2003


To:       No Action Addressee                                    

Action:   Unknown                                                

From:     AMEMBASSY ABU DHABI (ABU DHABI 2275 - UNKNOWN)         

TAGS:     EFIN, PREL, PGOV                                       

Captions: None                                                   

Subject:  UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO REMIT    
          ASSETS TO THE U.S.                                     

Ref:      None                                                   
_________________________________________________________________
C O N F I D E N T I A L        ABU DHABI 02275

SIPDIS
CXABU:
    ACTION: ECON 
    INFO:   P/M AMB DCM POL 
Laser1:
    INFO:   FCS 

DISSEMINATION: ECON
CHARGE: PROG

APPROVED: CDA: RALBRIGHT
DRAFTED: ECON:CCRUMPLER
CLEARED: ADCM: TWILLIAMS

VZCZCADI485
OO RUEHC RUEATRS RUEHZM RUEHLB RUEHYN RUEHDE
DE RUEHAD #2275 1301309
ZNY CCCCC ZZH
O 101309Z MAY 03
FM AMEMBASSY ABU DHABI
TO RUEHC/SECSTATE WASHDC IMMEDIATE 9883
RUEATRS/TREASURY DEPT WASHDC IMMEDIATE
INFO RUEHZM/GCC COLLECTIVE
RUEHLB/AMEMBASSY BEIRUT 0404
RUEHYN/AMEMBASSY SANAA 1172
RUEHDE/AMCONSUL DUBAI 3106

C O N F I D E N T I A L ABU DHABI 002275 
 
SIPDIS 
 
STATE FOR NEA/ARP, NEA/RA, EB/ESC/ESP 
 
TREASURY FOR OGC FOR AUFHAUSER 
TREASURY PASS OFAC FOR NEWCOMB 
 
E.O. 12958: DECL: 05/10/08 
TAGS: EFIN, PREL, PGOV, TC 
SUBJECT:  UAEG ADMINISTERING RAFIDAIN BANK; NO PLANS TO 
REMIT ASSETS TO THE U.S. 
 
REFS: A) STATE 74249    B) ABU DHABI 562 
 
1.  (U) Classified by Charge D'Affaires Richard Albright 
for reasons 1.5 (b) and (d). 
 
2.  (C) The UAEG confirmed in a May 6 conference call of 
the informal contact group on Iraq reconstruction that the 
UAE Central Bank is now managing the day-to-day operations 
of the single branch of Rafidain Bank in the UAE.  Director 
of Banking Supervision Saeed Al-Hamiz recently told 
Econchief that the branch has been reduced to its statutory 
capital as required by UAE banking laws, and conducts 3-4 
transactions each day. 
 
3.  (C) In response to ref A, Central Bank officials say 
that the UAEG will transfer the assets of the UAE branch of 
Rafidain Bank to its Head Office in Baghdad as soon as the 
UN sanctions on Iraq are lifted, and Rafidain Bank is 
legally reconstituted in Iraq.  UAE representatives noted 
to the informal contact group that they expect Rafidain 
Bank to play an important role in the reconstruction of 
Iraq. 
 
4.  (C) Open source banking documents reveal that Rafidain 
Bank in the UAE has operated on a limited basis since the 
1990 Iraqi invasion of Kuwait.  According to official UAE 
statistics, the bank currently maintains total assets of 
USD $18.8 million, USD $17.3 million of which are frozen in 
the United States and Germany. 
 
 
Albright 

Author: Radek "Mrkva" Pilar, Twitter, Mail/XMPP: mrkva twistedThing mrkva.eu

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