In past years, many producers have entered into Joaleh contracts with domestic banks to open self-liquidating finance letters of credit. Through these foreign financial loans (foreign finance), they have been able to purchase machinery, facilities, equipment, and other production-related items from abroad and set them up within the country.
The repayment of the financier’s funds and all financing costs incurred, including facility costs, based on the provisions of the credit line contract and the subsidiary contract, is the responsibility of the opening bank according to the installment schedule announced by the agent. However, due to the conditions of sanctions and the lack of payment channels, as well as the failure of opening banks to fulfill their obligations on time (before the sanctions period), many installments of the finance facilities obtained have matured, and some banks have mistakenly recorded financial transactions at the time of fund provision (both in Rials and foreign currencies).
In other words, foreign exchange events and commitments were not recorded in the banks’ ledgers at the time they were finalized. Due to severe currency rate fluctuations and the issuance of enforcement orders and currency demands by the banks, serious disputes have arisen between some banks and the borrowers.
Therefore, to resolve the arising disputes, it is necessary for lawyers in their approach to filing lawsuits, the honorable judges in drafting expert orders, and finally, official judiciary experts in preparing reports, to pay special attention to the process of opening letters of credit related to the Joaleh contract and all instructions issued by the supervisory bodies of the Central Bank, ensuring that the rights of the borrowers are not violated.
