Virtual No 6, April 2016
|IFIA 6th Virtual Executive Committee was organized on 3 April 2016 to discuss the issue of opening IFIA Bank Account.|
After IFIA bank account was closed during the previous presidency and the following problems caused during that period, Mr. Rastegar made serious attempts in the last year and a half either to open a new bank account or reactivate the previous account. However, all the attempts failed due to the past problems.
Another reason for not being able to open the account is the available global problems regarding the risk of cash transfer from many countries. When the banks notice that the money is going to be transferred from lots of different countries to IFIA account, they feel that they are exposed to risk. We have received such feedback in a written form from the banks and the documents will be archived in IFIA Secretariat.
Now Mr. Vincent, the President of Geneva Exhibition has offered a temporary solution to overcome this situation and that is why this virtual Executive Committee is held. He has suggested to devote a separate part of the current account of Promex to IFIA so that IFIA financial turnover can start. As soon as the bank account is opened, the use of this account will stop. Meanwhile, it is possible to print the financial report and IFIA President will provide a report of the income and expenditure during the formal meetings.