Closed currency exchange company to return pending transfers 'within a week'

AMMAN — Several clients of a major currency exchange company closed by authorities for administrative and financial violations want to know the fate of the cash transfers they made two months ago. 

Late last year, the Central Bank of Jordan (CBJ) closed down Samhouri Exchange for administrative and financial irregularities. 

The company, which operates seven branches in Amman, was given a month's grace period by CBJ in order to rectify violations committed by its top management. 

On January 24, the CBJ extended the grace period for another month. 

But the firm's clients contacted by The Jordan Times recently said they are worried the money transfers will never reach their destinations.

Vijay Neekhra, an Indian worker in Jordan, transferred $5,000 to the US on December 5 and is afraid that the money is lost. Similarly, Binu Johan transferred JD1,583 to his family in India on December 8. Copies of the transaction receipts were made available to The Jordan Times.

Alaa Badawi, assistant director general and manager of operations at Samhouri Exchange, told The Jordan Times on Saturday that all pending cash transfers will be returned to senders within a week, adding that CBJ allowed the company to conduct transactions related to returning money to clients. 

Asked whether the exchange firm would resume its operations soon, Badawi said CBJ will take a decision this week, noting that the company has redressed the violations detected by monitoring bodies.  

Alaa Eddine Diraniyeh, president of the Jordanian Exchange Association, said regulatory bodies are still investigating violations by Samhouri Exchange, expecting updates about the case to be out this week. 

Diraniyeh confirmed that all pending inbound and outbound money transfers will be paid by the firm. 

The company was referred to the Anti-Corruption Commission late December following CBJ's closure decision.