Syria’s Central Financial Supervisory Authority has revealed a financial corruption scandal that occurred at the General Corporation for Foreign Trade under the Ministry of Economy during the previous government, resulting in significant financial damage to public funds amounting to approximately 2 billion former Syrian pounds.
614 million lire wasted
According to the investigation, the agency had a contract with a private company to supply two armored vehicles for the benefit of a commercial bank, but the contractor did not comply with the period specified for the performance of the contract, as the two armored vehicles were delivered after the expiry of the agreed deadline.
According to the findings, the delay required the imposition of fines stipulated in the contract, but the implementation period was justified in violation of regulations and laws, resulting in the wastage of an amount equivalent to 614 million lire, in addition to $119,000, which is more than 1.35 billion former lire.
Justification and economic damage
The investigation held that in addition to the Director of the Commercial Bank, the Head of the Mechanical Department, and the Head of the Mechanical Department, the contractor and the company in its legal position were also responsible as a result of the economic damage caused by the unlawfully justified delay and insufficient fulfillment of the terms of the contract.
As a result of the investigation, it was concluded that while the contractor was referred to the competent judicial authority and the agency official was criminally prosecuted for negligence resulting in damage to public funds, the contractor, the company in its legal position, and the agency official were jointly and severally obliged to pay the amount, and that the contractor was relieved of his duties and would not be assigned any work with financial responsibility in the future.
Syria’s Central Financial Administration has uncovered a case of financial corruption at a public agency for foreign trade that belonged to the Ministry of Economy during the previous government. This resulted in significant financial damage to public funds amounting to nearly 2 billion former Syrian pounds.
£614 million wasted
The investigation revealed that the agency had entered into a contract with a private company to supply two armored vehicles for the benefit of a commercial bank. However, the contractor did not comply with the specified contract performance deadlines as the two vehicles were delivered past the agreed deadline.
The findings indicated that the delay warranted financial penalties as provided in the contract. However, the enforcement period was justified in a way that contravened regulations and legislation, leading to a waste of $119,000 plus £614 million, the equivalent of more than £1.35 billion.
Justification and economic damage
The investigation determined that the contractor and the company, together with the general manager of the commercial bank, the head of the vehicle department, and the head of the vehicle department, were liable in a legal capacity for the illegal justification of delays and for the economic damage caused by non-fulfillment of the terms of the contract.
The investigation ended with the referral of the contractor to the competent judicial authority and the indictment of agency officials for negligence resulting in damage to public funds, with the contractor, its legal standing company, and agency officials jointly and severally obligated to repay the amount, and the contractor being relieved of his duties and barred from any future work with financial liability.
