Damascus, Aug. 6 (SANA)TheCentral Organisation for Financial Control(COFC) has uncovered acorruption caseinvolving a 2021 contract at the state-ownedReal Estate Bankto develop and modernize its banking system, with financial damages totaling $8.454 million.COFC’s media office told SANA that investigations revealed contractual, legal, and financial violations, including failure to follow standard legal contracting procedures, obtaining exceptions from the Prime Minister’s Office at the time without approval from the bank’s board of directors, and shortcomings by relevant committees in carrying out their duties.The investigation also found that the contracted company was exempted from delay penalties without legal justification, while payments were made in cash through a private money transfer company instead of bank transfers and without obtaining the required execution documents.The contractor, the Real Estate Bank’s director general, deputy director, legal affairs director, financial director, foreign relations director, and members of the relevant committees were referred to the competent judiciary on charges of violating contractual conditions. Their movable and immovable assets were seized to secure recovery of the funds.On July 30, COFC revealed cases of manipulation and forgery involving real estate sales tax receipts at the Qatana Financial Directorate in Damascus Countryside during 2025, with a financial impact of around 2.5 billion old Syrian pounds.COFC conducts financial audits of public institutions and state-owned companies. The Real Estate Bank is Syria’s second-largest bank and is owned by the government’s Public Debt Fund.