Bloomberg News

Iran Lawmakers Seek to Impeach Economy Minister Over Fraud

October 11, 2011

Oct. 11 (Bloomberg) -- Iranian members of parliament will submit a motion to the assembly’s presiding board today to impeach the country’s finance minister over a $2.6 billion bank fraud, Mehr reported, citing one of the lawmakers.

About 25 deputies have signed the proposal and more are expected to join, Nader Ghazipour said yesterday, according to the state-run news agency. The motion cites minister Shamseddin Hosseini’s “incompetence in managing the country’s economic and banking affairs,” Ghazipour said.

Seven state and private banks have been linked to the fraud, the biggest in the country’s history. The case involved the forging of letters of credit from Bank Saderat, which is partly state-owned, to secure loans that were used to buy state- owned companies. More than 30 people have been detained.

--Editors: Ben Holland, Claudia Maedler.

To contact the reporter on this story: Ladane Nasseri in Dubai at

To contact the editor responsible for this story: Andrew J. Barden at

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