One Last Blow
ILNA* - Following the rejection of his appeal for a conviction on financial rules violations, former Central Bank of Iran (CBI) governor Valiollah Seif is now banned from holding public office for life.
The ban means he will have to step down from his current post as one of President Hassan Rouhani’s advisors, the Islamic Republic’s judiciary announced in a statement on its website December 6.
On November 19 Iran’s Supreme Audit Court of Iran (SACI) upheld a February 2017 conviction of the former governor and his deputies.
After serving nearly five years as the CBI governor, Seif found himself in hot water in early 2017 when one of the five official Central Bank-approved credit institutions was unable to pay back the deposits of the customers. Meanwhile, the unprecedented nosediving of the national currency (rial) against dollar and chaos in Iran’s currency market put added pressure on the 66-year-old governor.
Meanwhile, in May, the U.S. Treasury Department had sanctioned both Seif and his staff for their roles in laundering money through an Iraqi bank to Tehran’s Lebanese proxy Hezbollah and the Quds Force, the Islamic Revolutionary Guards Corps’ (IRGC) extraterritorial force. Washington has previously designated both Hezbollah and the Quds Force as terrorist organizations.