Saturday, May 15, 2010

The collaborationist bank of the PA

""Following the closures, sources said the PMA imposed a 300,000 US dollar fine per branch closed as the bank failed to inform the authority in advance of the move. Sources said the decisions came without consultation and appeared arbitrary, noting they flew in the face of Palestinian banking law. Other sources said President Mahmoud Abbas and Prime Minister Salam Fayyad had supported the bank’s decision, telling the London–based Arabic-language newspaper Al-Haya that “the administration of the Bank contacted both to cancel the fine [and demand an] apology." The unnamed source said bank officials complained that the PMA withdrew money from the Arab Bank accounts without consultation following the announcement of the fines.""