Jordan: Rumors on CIA Role in Revealing Bank Loan Fraud Case

Published February 19th, 2002 - 02:00 GMT

Although the bank loan fraud case dubbed as Majd al Shamayleh scandal was referred to the State Security court and the names of those involved were published, rumors still spread among the Jordanian public particularly in view of the fact that investigation has not been completed and in the absence of more information. 


One of these speculations stated that the American CIA played a big role in discovering the case and that the strict measures imposed by the US in the aftermath of September 11 terrorist attacks in an attempt to dry the financial resources of terrorism contributed to revealing the big size of credit facilities extended to al Shamayleh. 


Washington was said to have demanded Jordan for an explanation about the amount of these facilities and the nature of Shamayleh’s business, which enabled him to secure all such facilities. This has spurred the Jordanian authorities to reveal the case and refer it to the court in an attempt to defend the Jordanian banks against any possible accusation of financing terrorism. 


Despite these rumors and the exaggeration surrounding the case, prominent Jordanian economists reiterated to that the impact of the problem on Jordan’s economy in general and the banking sector in particular, would be very limited and perhaps negligible in view of the precautionary measures which Jordan’s Central Bank took before and after the emergence of the case. The economists said they were convinced that King Abdulla II personal follow up of the case file was the main factor in alleviating the consequences of the case and enhancing the local and foreign investors’ confidence in the country’s investment environment. 


The Jordanian papers provided extensive coverage for the king’s efforts in this respect and highly valued the steps which he ordered the government to take in order to contain the case and refer it to the court in order to try those involved regardless of anything except justice and the interests of the state and the soundness of its economy. 


Also journalists tackled the case in their editorials hailing the steps which the government took upon directives from the king in order to solve the problem. They also hailed the transparency with which the government dealt with the case and considered the deterring actions it took as effective in making Jordan’s economy appear more credible than one month ago—  

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