The report of the Office of Financial Supervision (40)

The report of the Office of Financial Supervision (40)


02/06/2013 | (Voice of Iraq)

 Baghdad / term

mixed sector .. Failure parallels the failure of the public sector
250 million dinars disappear from the records of shareholders' profits in one of the companies
got the "long" the full text of the report of the Office of Financial Supervision in 2011, which will be presented to the reader countless surprises through the rings. The Bureau of the oldest institutions of the Iraqi state which distributes copies limited each winter for its annual report on fiscal spending witnessed all government departments during the previous year. In this report, a unique advantages, the first being that it reveals information level disaster Diary state departments all, a show into the open for the first once being displayed legal language and professional audit and review meet and comparisons include previous years. second advantage that he did not issue against the ruling party, or against another block, but his books crew staff and find wide acceptance, and respected by the Prime Minister himself. The third advantage is that the BSA can through his powers of that up is documented to most of the information can not reporting accessible with this access right to him in a democratic system, but is deprived of access to this information to Parliament. Said the annual report to the Cabinet and also will notice Reader, involves substantial explicitly, it serves as a senior Iraqi recognition of the absence of the state in the terrifying details led us to these poor conditions. The state, through this report, recognizes that inside large areas of "non-state", and these spaces begin Circuits serious such as the Council of Ministers, does not end when the smallest village, as seen Followers of these episodes.
we will discover successively that we have the full story of the Iraqi state in 2011, or "The Story of non-state in Iraq," if you like. d - financial investments first - did not provide most of the companies endorsements balances contribution in other companies to verify the balance of investments shown by records as at 31/12/2010. Secondly - has not been achieved to the National Company for Tourism Investment any Revenue for some financial investments over the past two (2009-2010) and as shown in the examples below: investee company by the number of shares cost / JD Baghdad Company peace for Food Industries 106564626 106564626 beer company Oriental 3681873 3681873 Company Bank Iraqi Islamic 9367871 9367871 Gulf Insurance and Reinsurance 27650604 27650604 Company Sinbad Island 7500000 7500000 Company City Games Karkh 1719125 1719125 which requires a study on these investments and the search for alternative investment opportunities leads to an increase the company's resources. e - campaign Emaar Hotels (Baghdad, Babil and Mansour) in preparation for the Arab summit has been on 5/7 / 2010 regulation Minutes agreement between the heads of the boards of hotel companies concerned rehabilitation and the Preparatory Committee of the Conference of the Arab summit provides for carrying hotel companies (75%) of the cost of rehabilitation and bear the Preparatory Committee (25%) of the cost of rehabilitation with its pay revenue entire room for (9) months (August to April) to the companies mentioned in addition to the affordable cost of salaries and wages of employees in the companies we have in connection with the following: first - despite the fact that the agreement refers to carry the Preparatory Committee for the salaries and wages of employees, but he noted that the company record amounts received and which represent salaries months (August, September, October, November, December) and being the difference between the amount received and the amount spent at the expense of revenues incidental to the Baghdad Hotel and at the expense of creditors activity is under way to my hotel (Babylon and Mansour) and hence the data does not show the amount of salaries mentioned in (income and expenditure accounts) The table below shows the details of amount received and disbursed and the remaining apparent within the income account offs. hotel amount received / MTD amount spent / million remaining amount / MTD Baghdad Hotel 600 55 644 Hotel Babylon 493 41 578 Mansour Hotel 988,113 788655 199459 which requires a processor Agaydip to show receipts and disbursements on accounts competent. Secondly - not received any amount by the hotel despite the fact that paragraph (II - a) stipulates carrying the Preparatory Committee wage jobs Hotel (100%) of the rooms are Monthly and a regular for (9) full months which requires follow up the issue of wages hotel works and recorded in the financial records. 3. Businesses mixed a - activity carried Baghdad Company for Trade and car services during the year / 2010 Exercise Activity automotive trade after added to the contract established in 2009, but he Company did not import cars directly from manufacturers have been centered company splendor Qadmous General Trading Co., Ltd. for a commission of $ (4%) of the amount of the transaction and (96%) of the company intermediate without providing the legal basis for it (the contract binding the two parties), where they were organizing the contract during the year / 2011, which requires companies to exercise its activity directly without centering others, especially as receipt be upfront government agencies which do not require the provision of huge liquidity to buy cars. b - production capacities of the Iraqi company for manufacturing and marketing of dates first - company planned to receive Dates ore type (Zuhdi and Sayre and colored) by (19 950) tonnes while the recipient is actually (15,163 tonnes), which indicates the decline in quantities received from type (Sayer and colored), which dates of good quality and many demand in export markets and focuses receipt dates from the kind ascetic, in addition to the low achievement of the production plan in the production of dates with demand in the domestic and global markets, which can be achieved quarter Good of them as notes focused production of dates bags or Kartonat or material Alsellovin, which requires increasing the productivity of dates manufactured for the purpose of achieving the production plan and to achieve abundance best for the company and supports the fame business. Secondly - low quantities of dates manufactured with the Iraqi company for manufacturing and marketing of dates during the year / 2009 compared total quantities received, where the volume of dates received (603) tons (six hundred and three tons) have been directed (160) tons (one hundred and sixty tons) for the purposes of packaging and production molasses while were marketed quantities in the form of Dates year while she had the amounts received in the year / 2008 (427) tons (four hundred and twenty-seven tons) and plant them (314) tons (three hundred and fourteen tons), which requires higher levels of manufacturing and production to ensure increased revenue and improve the financial situation of the company. c - cash at banks first - the number of accounts Banking company Iraqi Date Processing and Marketing (28) account in Baghdad and the provinces with JD (5778) million dinars (five billion and seven hundred and Seventy-eight million dinars), where the company does not provide us بكشوفات and support balance of the bank's health Balance at 08/31/2009 Add not to organize matching bank statement with the records of the accounts totaling (15) bank account with (334) million (three hundred and thirty-four million dinars). Secondly - Report Fund Baghdad Company for Trade and car services on inventory (zero) and the verification of the balance of deposits The receipts and expenditures installed in record Fund for the month of December / 2010 appeared The fund balance under the records on inventory amount of $ (22) million dinars (twenty-two million dinars) did not the company to justify the reasons for this, which requires an investigation of the above. d - investments Financial total financial investments short-term Baghdad Company for Trade and Auto Services (2948) million dinars (two and nine hundred and forty-eight million dinars) for fixed deposits in private banks while the dividends received from such investments (52) million dinars (fifty-two million dinars) during the year / 2010 and accounted for 1.8%) of the cost of these investments is a small percentage compared to the amount invested is because the company opened deposits for three months or a year and then break it and transfer amounts from bank to another, and led to the loss of benefits expected to be achieved, which requires the adoption of economic study contribute to the utilization of the funds invested in banks and obtaining approvals fundamentalism to take paragraphs about it. H. shareholders' profits amounted dividends owed ​​to shareholders Iraqi Date Processing and Marketing and is received as in 08.31.2010 and the apparent under an account creditors dividend amount (325 ) million (three hundred and twenty-five million dinars), while the balance of those profits under the shareholders' registers the amount of (74) million dinars (seventy-four million dinars) any difference of $ (250) million (two hundred and fifty million dinars). and - contracts Company Iraqi Date Processing and Marketing first - company contracted with a lead of Constructions Ltd. for the purpose of completing the rehabilitation of a building piston Model recipient of UNIDO where noted exceeded the amounts spent on the cost of the original contract of $ (495,433) dollars (four hundred and ninety-five thousand, four hundred and thirty-three dollars) and including equivalent (584,611) thousand dinars (five hundred and Eighty-four million six hundred and eleven thousand dinars) and by over (33%) of the amount of entrepreneurial original. secondly - company contracted with the Ministry of Industry on 07.11.2008 for the purpose of receiving Dates of producers exclusively, storage and processing for later , where limited the company's role on the processing of dates and according to the orders processing issued by the Ministry of Agriculture in return for the company on the amount of (5) thousand dinars (five thousand dinars) per ton of evaporation process, storage and weight and (3) thousand dinars (three thousand dinars) per tons due to discharge operations, did not include the contract style control on the quantities received and the mechanism of separation dates (first degree - seconds) and the damaged ones because of storage or transportation or any other cause, have noted that the ministry fined the company increased by (60%) of the price difference between Dates Class the first and second of (100) thousand dinars (one hundred thousand dinars) per tonne in order to damage the dates stored in the company. 4. Agricultural companies different a - activity first - the failure of the company Utaifiyya feed production limited to the implementation of any tasks to achieve its goals, Ltd. holding its founding and its receded in investment funds deposit fixed and rental buildings, but there was no activity in the field of production of feed although the plant feed is still fit for use with a possibility for rehabilitation, operation and restoration of production capacity, which requires the need to conduct a study Links to the reality of the event the company and take the appropriate decision thereon either towards re-exercise activity and development or liquidation in the case of the futility of it. Secondly - not the Iraqi company for the production and marketing of meat and field crops to achieve specific goals contract of incorporation and of its contribution to support the agricultural sector and the development of marketing and production of livestock and provision of meat of different kinds and marketing of agricultural products, field crops, where he was the company's activity during the year / 2010 limited to rental projects affiliated to the private sector, which requires study conditions projects and rehabilitation and operation of the stalled them for work after taking the necessary action. b - violation of the laws company has Utaifiyya to produce fodder Ltd. regardless rewards for President and members of the public and members of the committee supervising totaling (21) million dinars (twenty-one million dinars) for achievements final accounts for the year / 2009 despite a deficit as a result of their activities contrary to the provisions of paragraph (IX) of Article (102) of the Companies Act No. (21) for the year / 1997 (as amended) which allowed for the General Authority determine bonuses for president and members of the Board of Directors commensurate with the efforts in the realizations and achieve plans and profits. c - Operational Plan not the Iraqi company for the production and marketing of agricultural products to prepare an operational plan for their activities during the year / 2010 in accordance with the requirements for productivity for projects to stop some of the work and hire other, which requires taking the necessary measures to re-use and operation of the projects directly and create kits Alstgal to ensure better financial situation the company and achieve the goals set forth in the Company. d - Cash at banks result showed scrutiny matching the current account of the company said production and marketing of meat and crops Alhaklha the United Bank for Investment and a difference of $ (13) million dinars) (thirteen million) between balance account Under financial records and credit records installer matching company did not indicate the reasons for that, knowing that the difference Medawar from previous years the company did not investigate the causes and treatment. 5. Carriers mixed a - as a result of activity revenues of current activity of the company Iraqi Land Transport (4615) million dinars (four billion, six hundred and fifteen million dinars) where it is noted that the bulk of revenues current activity represents (5%) commission the company fares transfer loads contracts concluded with the government and implemented by carriers civil during the year / 2010, which amounted to (4612) million dinars (four billion, six hundred and twelve million dinars) and the proportion (99.9%) of the revenue of current activity which points to the failure of the company to take any action to increase its fleet Nukaly and implement transfers payloads other Bashahanadtha returning her and continued adoption in achieving revenue to exercise the role of mediator between the government and transport companies civil, requiring work to achieve the target set after its founding, a cargo transport by trucks the company to carry out the transfer. b - operational activity first - the failure of the Iraqi Company for Land Transport to prepare the operational plan for the year / 2010 and not to follow the results of the actual implementation and submit periodic reports on them to stand on deviations occurring and work to correct them contrary to paragraph (v) of Article (117) of the Companies Act No. (21) for the year / 1997 (as amended), which requires the preparation of the operational plan and in accordance with the energies available to the Company. Secondly - continuation of the company leases its trucks's ( truck, which range cargo between (38-40) tons to its members and allowance monthly rent of $ (400) U.S. $) for every truck in addition to a percentage (5%) of the revenue transfer of goods transported these trucks as commission for the company, until 31/3/2010 was increased monthly rent allowance (800) $ (eight hundred dollars) and the abolition of the (5%) commission revenue transfer goods transported by decision of the Board of Directors ( on 30/12/2009 note leases did not include any items that illustrate aspects of the use of those trucks and transport hubs, which requires reconsider the mechanism of action of these trucks and a feasibility study of this resolution. c - purchase plan and Truck Repair Baghdad Company for transportation of passengers and goods in spite of the decision of the Board of Directors of the Company Bgelsthe first held on 21.01.2010 for the purchase of two buses to transport passengers capacity (45) passengers and assigning the company's management to prepare a feasibility study for the purchase and operation of trucks Model / 2002 and above for the transfer of goods, but noted non-implementation of paragraphs above and until the date of the preparation of the audit report, which requires the implementation of the decisions of the Board of Directors of the company. d - contracts contracted Iraqi Company for Land Transport with a blue dove for public transport, Ltd. to implement ( contracts amount of $ (321,191) million dinars (two hundred and one thirty billion and a hundred and one and ninety million dinars) in addition to Akadiha with the Ministry of Electricity and the Ministry of Commerce and who determines Mpelgehma in light of the number of hops and our connection with the following: - First - The contract was signed on 12.31.2009 between the Company Directorate General of production ventures invasive ( for the purpose of monument stores) by the Managing Director of the company blue dove on behalf of the managing director of the company Iraqi land transport and after the book was published authorization number (47) in 01/04/2010 as Managing Director of the company blue dove representative for the company to pursue things financial, administrative and commercial negotiation and signing dominant in all areas, which represents a legal loophole could use against the interests of the company note that the company blue dove is one of the companies that do business with the company to implement its obligations towards the latter, which requires an investigation concerning the above. Secondly - the company has a contract with the Ministry of Electricity / Directorate General of electric power projects for the purpose of loading and unloading equipment, electric and monument stores while item general provisions of the contracts indicated that he is not entitled to the second party to waive the contract in whole or in part to a third party, but noted that the company refer the contract to a third party (Company blue Yamama) for a commission (5%) of the total amount of the contract, which requires compliance with the terms of contracts with third parties. Thirdly - do Co. blue dove using the name of the Iraqi Company for Land Transport to win contracts and cover for assignment of contracts was awarded them by the state departments because of the lack of capabilities to do This company to enter into bidding large amounts as a capital of (2) million dinars (two million dinars) under a contract established in while holding the Iraqi Company for Land Transport (3400) million dinars (three billion and four hundred million dinars), which constitutes a violation of the instructions and implementation of contracts No. (1) for the year / 2008, which requires compliance with instructions denies contracts with public bodies.

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well the 250 million dinars depending on the timing was worth about 250 thousand dollars now, if they who ever stole it gets away with it, know in time it could be worth 250 million dollars PLUS... ;)