Syria’s state-owned Agricultural Cooperative Bank has fallen victim to a $3.16 million embezzlement scheme, reported the Al-Thawra newspaper from Damascus.
According to the newspaper, the embezzlement took place at the bank’s Hassakah branch, 650 kilometers of Damascus, in the heart of the country’s grain growing region. It was managed by obtaining false loans, which were used to purchase fertilizer and seeds that afterwards was sold on the black market.
The Agricultural Cooperative Bank is one of six specialized banks owned by the Syrian government. As its name suggests, it is geared to providing financial service to the country’s agricultural sector.
The Syrian government operates another four banks also providing professional services. The are the Commercial Bank of Syria, which is of commercial and financial banking operations inside and outside Syria, the Real Estate Bank, the Industrial Bank, the Popular Loaning Bank. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
