Iraq .. "fake companies" to make money emerged from the current situation

Iraq .. "fake companies" to make money emerged from the current situation


BAGHDAD - The Journal News

, The Commission on Economy and Investment representative in the Iraqi Council of Representatives, said Wednesday that Iraq is suffering from the political and security situation unstable led to the economic repercussions of the most important of Dhour fictitious companies only concerned with profit-taking in any way, and without indifference in providing financial assistance to the Iraqi people.

A member of the committee MP Ibrahim al-Rikabi, for "Journal News" that "currently companies operating in Iraq, including foreign companies have a fear of getting their dues as (head of a coward money), even if there were guarantees, whether through agreement with the state and the signing of a specific contract a particular investment project. "

He added stapes, the "capital of these frozen companies consider themselves at a loss and the fact that this shall be semi-frozen is useless and the subject is not limited to local companies but also foreign these companies."

He pointed out that "capital he escaped one of the important reasons for the decline in financial trading inside Iraq and thus has a negative impact on economic development and the movement and the Iraqi economy latter suffers from paralysis of almost complete except buying and selling operations and the import of food and consumables that do not work and help in the economic advancement ".

He explained stapes, that "Iraq is currently living in an exceptional circumstance politically and which has significant economic consequences, there is a semi-fictitious companies or fake concerned with basically get the money, there is no solution but to seek to obtain political stability and that its availability there will be a security stability the explosion in development and in financial trading, Iraq to be a fertile environment for investment and trade, whether domestic or foreign companies. "

When he saw the financial expert, Hilal Taan, "The Iraq Stock Exchange small market compared to those in the Gulf countries and the Middle East and the rest of the neighboring countries in the geographical."

He Taan, for "Journal News", that "the financial head of the foreign investor in the market are very few not to exceed 3 to 5 percent and thus the lack of foreign capital has led to the entry of Iraqi companies and large numbers within the market."

Taan stressed that "the increasing number of local companies creates some sort of competition and crisis Most of them companies that are not companies profitable and losing only a few of them achieved profits in whose names, which reflected negatively on the market and the Iraqi economy," and that "the political and security situation of others are all unstable factors lead to a lack of expansion in the Iraqi market. "

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