Central Bank of Jordan Circular No. 7267/10 Regarding the Frozen Deposits Management Fund Mechanism

Form 1/1/110 (1)

In the Name of Allah, the Most Gracious, the Most Merciful

Central Bank of Jordan

Number: 7267/10
Date: 11/3/1424 AH
Corresponding to: 13/5/2003 AD

With kind regards,

Further to our letter No. (6807/10) dated 5/5/2003, regarding the "Frozen Deposits Management Fund," which was established pursuant to Temporary Law No. (33) of 2003, we enclose herewith the letter of His Excellency the Minister of Finance / Chairman of the Frozen Deposits Management Fund Committee No. (12/1/16/4314) dated 11/5/2003, concerning the mechanism by which the Frozen Deposits Management Fund will operate. We request that you implement and adhere to the contents of this letter.

Please accept our highest regards,

Governor
Dr. Ameya Touqan
(Signature)

Attachments: 2

Ministry of Finance
Minister
P.O. Box 85
Amman 11118 Jordan

Number: 16/1/12/4314
Date: 11/5/2003 AD

His Excellency the Governor of the Central Bank of Jordan

Subject: Frozen Deposits Management Law
No. (33) of 2003

I wish to clarify to Your Excellency the following:

1. Article (4/A) of the aforementioned law included the establishment of a fund for the management of frozen deposits in accordance with its provisions. Article (5/1) also included the formation of a committee to manage and supervise the Fund, which is subordinate to the Prime Minister and chaired by the Minister of Finance.

2. Article (6/A) stipulates the following:

a. Any injured party may submit a request to the Committee, supported by the necessary documents, to recover their rights or cover risks arising from a contract concluded with a non-Jordanian government entity or through it or under its guarantee, within three months from the date they are notified thereof by a notice sent to them by registered mail.

b. After confirming the existence of a right for the injured party regarding this claim and the validity of the documents submitted, the Committee may decide to fulfill this right for them from the Fund's assets.

c. If the injured party does not submit a request to the Committee within the period specified in paragraph (a) of this Article, the injured party loses the right to submit any claim to the Fund; this does not prevent their right to submit any claim to any other entity, including the government entity in question.

d. No injured party may file any judicial lawsuit in the Kingdom against a non-Jordanian government entity requesting the Committee in accordance with the provisions of paragraph (a) of this Article and the regulations or instructions issued pursuant thereto.

Based on the foregoing, and in accordance with the provisions of Article (6/A) of the aforementioned law, I request Your Excellency to correspond with licensed banks and financial companies so that affected entities submit a request to His Excellency the Minister of Finance / Chairman of the Committee, supported by documents, to recover their rights or cover their risks as stipulated in Article (6/A) under discussion, for the Committee to study and consider it and take appropriate action.

Please accept our highest regards,

Dr. Michel Marto
Chairman of the Frozen Deposits Management Fund Committee Minister of Finance (Signature)

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