The Iranian authorities have decided to start impeachment proceedings on the country's minister of economy over the alleged US$2.8 billion financial scandal in which letters of credit (L/Cs) are supposed to have played a big role.

Dozens of people, including senior bank officials and one of Iran's top businessmen, are already being investigated for their roles in the suspected frauds (DC World News, 11 October 2011).

Parliamentary approval

On 23 October, the presiding board of Iran's parliament approved impeachment proceedings that will see the minister, Shamsoddin Hosseini, face questions in parliament about the alleged frauds later this month.

According to impeachment papers, he failed to implement laws and prevent violations of laws by banks and allowed executive officials to interfere with due processes.

Political motivations

Parliamentarians in the legislature have been pushing for the minister to be impeached in what may yet turn out to be at least in part a politically motivated matter.

Hard-line conservative supporters of Iran's highest authority, Ayatollah Ali Khamenei, dominate the legislature, which is currently pressing for an investigation into Iranian President Mahmoud Ahmadinejad and his supporters.

The supreme leader's camp has considerably weakened Ahmadinejad's political strength over this matter.

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