FINANCIAL NEWS

Around USD7b Iraqi cash is probably stolen

17 Jun 2011

(MENAFN) US special inspector general for Iraq reconstruction, Stuart Bowen, said that around USD7 billion of Iraqi funds allocated to the rebuilding of Iraq were probably stolen, reported Arabian Business.

Bowen added that the amount, which was part of a development fund established by the Federal bank of New York since there was no Iraqi banking system, was generated from Iraqi oil revenues and assets taken during the US led invasion to the country in 2003.

He also said that around USD6.6 billion of funds, part of a USD20 billion reconstruction package, were airlifted aboard military cargo planes by the Bush administration, moreover, the amount was used to finance the interim government, and was hidden at US military bases in addition to the basement of one of Saddam Hussein’s former palaces.

It is worth noting that since the money was generated from Iraqi oil sales, some officials in Baghdad have threatened to take the US government to court in order to get back the missing cash, which will probably be the largest theft of funds in national history.

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