Amsterdam & Partners Denounces Trade Bank of Iraq's Planned Illegal Settlement with Convicted Fraudsters

Law Firm Warns Iraqi Public Bank Will Cross Line "From Criminal Complainant to Co-Conspirator" If Deal Proceeds Today

WASHINGTON, Oct. 28, 2025 /PRNewswire/ -- Amsterdam & Partners LLP today issued an urgent legal warning to the Trade Bank of Iraq (TBI), denouncing the Bank's intent to execute an illegal settlement agreement today with the Hanna Brothers—three convicted fraudsters currently under criminal prosecution.

"The Trade Bank of Iraq is about to cross a line from which there is no return," said Robert Amsterdam, founder and managing partner of Amsterdam & Partners LLP, the law firm representing the prominent Iraqi-American engineer, investor, businesswoman and CEO and owner of Al-Saqr Al-Jareh, Ms. Sara Hamed Saleem. "By signing this corrupt bargain with convicted criminals, TBI will transform itself from criminal complainant to co-conspirator. This is not a settlement—it is obstruction of justice and complicity in fraud." The planned settlement would allow Nizar, Namir, and Ramez Hanna Abdo to evade full accountability despite their criminal convictions for fraud.

"This corrupt deal directly serves Iranian interests and undermines Iraq's sovereignty," Amsterdam stated. "A public bank cannot hide behind political pressure to forgive debts owed by convicted fraudsters and obstruct justice. Such actions place TBI in open violation of Iraqi law and international anti-corruption standards."

The settlement would deprive Amsterdam & Partners' client, Ms. Sara Hamed Saleem, of her clear legal right to full restitution arising from the Hanna Brothers' criminal convictions—convictions based in part on TBI's own criminal complaint.

Amsterdam made clear the consequences if TBI proceeds: "We will pursue targeted U.S. sanctions, initiate anti-money-laundering actions under FATF and AML/CFT frameworks, and pursue civil and criminal liability against any officials who enable this corruption. The Trade Bank of Iraq's access to the international financial system will be directly jeopardized."

The firm's letter to TBI General Manager Bilal Sabah al Hamdani states bluntly: "You and the Trade Bank of Iraq now face a stark and immediate choice. You may proceed with this corrupt bargain, aligning the Bank with the Hanna Brothers and their enablers. Or you may honor your obligations as a public financial institution by standing with the law. Whichever course you take, the consequences will be immediate and inescapable."

Amsterdam & Partners represents Ms. Saleem in ongoing efforts to secure full restitution and asset recovery arising from the Hanna Brothers' fraud convictions.

Egor Lukanov
Media representative
Amsterdam & Partners LLP
e.lukanov@amsterdamandpartners.com

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SOURCE Amsterdam & Partners LLP