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Damascus-Based Bank Loses Millions of Dollars in Jan. 17 Robbery

Jan. 31 (Bloomberg) -- Thieves stole about $10 million in assorted currencies from the International Bank for Trade and Finance in Damascus, said Jordan’s Housing Bank for Trade and Finance, which has a 49 percent stake in IBTF.

The Amman-based housing bank said management in Syria advised that the robbery occurred on Jan. 17 and was discovered on Jan. 20, according to a filing posted on Amman stock exchange today. The vault director was involved in the robbery of $3.4 million, 4.7 million euros ($6.4 million) and 33 million Syrian pounds ($460,000).

IBTF said it has notified authorities and steps are being taken to recover the money, according to the filing.

To contact the reporter on this story: Mohammad Tayseer in Amman at mtayseer@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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