Iranian-Canadian Mahmoud Reza Khavari was chairman of the board and managing director of Iran’s largest bank, the state-owned Bank Melli, until he resigned and fled the country for Toronto, Canada in 2011.
Prosecutors are seeking to question him and officials at several Iranian banks suspected of facilitating fraudulent rial and foreign currency banking payments totaling over $3 Billion USD.
BMI is owned and operated by the government of Iran and should follow the banking principles and practices described in the Islamic Banking law of Iran, only engaging in interest-free Islamic transactions.
Canada has no extradition treaty with Iran and they can not legally extradite individuals to countries that are likely to torture prisoners or impose death-penalty sentences.
Dr. Doom, Nouriel Roubini says the worst is yet to come.
The economic shock from the fall of European economies like Greece, Portugal or Italy leaving the Eurozone would be much larger than from the disorderly collapse of Lehman Brothers in their Fall of 2008.
If a Euro crisis unfolds, global growth would slow down and trade would shrink, with emerging markets also adversely effected by the fiscal train wreck.
“ Well, you know, I’m putting most of my money into cash. A sophisticated high net worth individual all 100% into cash. This is not the time to be in risky assets.” – Dr. Doom Nouriel Roubini
newsbyphotos
News by Photos vBlog 