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[size=36]With documents.. grave violations in the Shiite endowment contract with a company[/size]
political| 04:08 - 17/07/2021
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Baghdad - Mawazine News
, Representative Hussein Al-Aqabi revealed, on Saturday, serious violations in the contract of the Shiite Endowment Office with the Al-Rakha Towers Company.
Al-Uqabi said, in a statement received by Mawazine News, a copy of it, "we list below the grave violations of the Shiite Endowment in its contract with Al Rakha Towers Company:
1- Violation of the Shiite Endowment Bureau of Investment Law No. 13 of 2006 in Article (29) of it, which states: (All areas of investment are subject to the provisions of this law, except for the following: First: Investment in the fields of oil and gas extraction and production, and Second: Investment in the banking and insurance companies sectors). The Bureau also violated the text of Article (10/2/b) of the Investment Law, which states: “The investment project contract is concluded with the sectoral organizing body or with the authority granting the license, provided that the contract for the real estate is concluded with the owner.”
2- The report of the Federal Financial Supervision Bureau, in its report No. (17676) on 16/12/2020, indicated that the Shiite Endowment Bureau’s contract with the company, Al-Rakhaa Towers for Real Estate Investments Ltd., led to missing an opportunity to maximize the Bureau’s revenues as a result of granting it an exemption period (60 ) month for paying the annual rent allowance of (25001) million dinars (twenty-five billion and one million dinars), and therefore the financial damage achieved as a result of not paying the rent amount amounted to (125005) million dinars (one hundred and twenty-five billion and five hundred thousand Dinar).
3- The report of the Federal Office of Financial Supervision indicated in its report No. (17676) on (16/12/2020) that the Shiite Endowment Office did not provide the Federal Office of Financial Supervision with the fundamental approvals from the National Investment Commission and a copy of the investment license, and it did not provide what supports the establishment of Al Rakha Towers Company executing the project by insuring the contracting with insurance companies approved by the Ministry of Finance against damages.
4- The aforementioned Federal Financial Supervision Bureau report indicated that Al-Rakhaa Towers Company had not submitted similar works to such projects that it had previously implemented, and by reviewing the company’s financial statements from the date of its establishment in 2015 to date, it was found that its work was limited to the implementation of works that were not It is commensurate with the nature and size of the project that you contracted to implement with the Shiite Endowment Diwan and as shown below:
A- The company has a plot of commercial land that it intends to invest in building luxury apartments on it. The work is still in progress during the year ending on (12/13/2015) and no action has been taken on it to date.
B- The company renovated a residential house at an amount of (10) million dinars (ten million dinars) during the year 2016.
C- The company achieved a revenue of (10) million dinars (ten million dinars) for the supply of electrical materials during 2017.
D- The The company achieved a revenue of (5) million dinars (five million dinars) for the supply of electrical materials during the year 2018.
5- The report of the Federal Financial Supervision Bureau indicated that the Baghdad Municipality had not granted the Shiite Endowment Bureau planning approvals for the facilities for investing the land of the Rahman Mosque on the plot numbered (5272/7 m 20) Daoudi in Al-Mansour, and that the Baghdad Municipality had included the construction of a water tank for the account of the Water Department Baghdad on the same plot numbered (18) dunams as indicated in the book of the Municipality of Baghdad / Investment Department No. (M/1/202) on (12/2/2020), and the inquiry was made by the Financial Supervision Bureau according to its memorandum (41) in ( 25/2/2020) However, the Shiite Endowment Bureau did not respond to any inquiry.
6- The report of the Federal Financial Supervision Bureau indicated that the application of the Shiite Endowment Bureau of the provisions of the system of auctions and tenders for endowments No. (45) of 1969) without Investment Law No. (13) of 2006 has no basis in the law under the provisions of Article (29) of The investment law, especially since this contract, although it takes the form of a long lease contract (musataha), but the nature of the obligations contained therein indicates that it is an investment contract, and this is what was included in the contract form under the title of the project type (musataha investment).
7- The letter of the National Investment Authority, No. (N.W/292) in (23/2/2020), confirms that there is no approval from the sectoral authorities (Baghdad Municipality, Ministry of Health, Ministry of Higher Education, Central Bank of Iraq, Ministry of Electricity, Ministry of Construction And housing) to invest for the aforementioned plot by Al-Rakhaa Towers Company, and the Investment Authority also indicated in its aforementioned letter that it did not grant an investment license to the mentioned company, so what does the Shiite Endowment Bureau’s insistence on proceeding with this investment mean?
8- The letter of the Prime Minister’s Office No. (M.R.W/D6/50/2636) on (15/2/2021) indicated that it was not possible to grant the land to the aforementioned company
The deputy added, that the presence of such serious violations of the laws in force and that were indicated by the supervisory authorities, and with the rejection of the Prime Minister’s Office and the National Investment Commission, and the failure to obtain the approval of sectoral authorities such as the Baghdad Municipality, the Ministry of Electricity and the Ministry of Construction and Housing on this project puts a thousand question marks. In front of the insistence of the Shiite Endowment Office to proceed with this false contract.
Al-Uqabi concluded, "We warn the Shiite Endowment Office and Al Rakha Towers Company that the law will affect them if they insist on proceeding with this illegal contract, especially with the existence of open legal investigations in the supervisory and judicial authorities about this suspicious contract." Ended 29/R77
, Representative Hussein Al-Aqabi revealed, on Saturday, serious violations in the contract of the Shiite Endowment Office with the Al-Rakha Towers Company.
Al-Uqabi said, in a statement received by Mawazine News, a copy of it, "we list below the grave violations of the Shiite Endowment in its contract with Al Rakha Towers Company:
1- Violation of the Shiite Endowment Bureau of Investment Law No. 13 of 2006 in Article (29) of it, which states: (All areas of investment are subject to the provisions of this law, except for the following: First: Investment in the fields of oil and gas extraction and production, and Second: Investment in the banking and insurance companies sectors). The Bureau also violated the text of Article (10/2/b) of the Investment Law, which states: “The investment project contract is concluded with the sectoral organizing body or with the authority granting the license, provided that the contract for the real estate is concluded with the owner.”
2- The report of the Federal Financial Supervision Bureau, in its report No. (17676) on 16/12/2020, indicated that the Shiite Endowment Bureau’s contract with the company, Al-Rakhaa Towers for Real Estate Investments Ltd., led to missing an opportunity to maximize the Bureau’s revenues as a result of granting it an exemption period (60 ) month for paying the annual rent allowance of (25001) million dinars (twenty-five billion and one million dinars), and therefore the financial damage achieved as a result of not paying the rent amount amounted to (125005) million dinars (one hundred and twenty-five billion and five hundred thousand Dinar).
3- The report of the Federal Office of Financial Supervision indicated in its report No. (17676) on (16/12/2020) that the Shiite Endowment Office did not provide the Federal Office of Financial Supervision with the fundamental approvals from the National Investment Commission and a copy of the investment license, and it did not provide what supports the establishment of Al Rakha Towers Company executing the project by insuring the contracting with insurance companies approved by the Ministry of Finance against damages.
4- The aforementioned Federal Financial Supervision Bureau report indicated that Al-Rakhaa Towers Company had not submitted similar works to such projects that it had previously implemented, and by reviewing the company’s financial statements from the date of its establishment in 2015 to date, it was found that its work was limited to the implementation of works that were not It is commensurate with the nature and size of the project that you contracted to implement with the Shiite Endowment Diwan and as shown below:
A- The company has a plot of commercial land that it intends to invest in building luxury apartments on it. The work is still in progress during the year ending on (12/13/2015) and no action has been taken on it to date.
B- The company renovated a residential house at an amount of (10) million dinars (ten million dinars) during the year 2016.
C- The company achieved a revenue of (10) million dinars (ten million dinars) for the supply of electrical materials during 2017.
D- The The company achieved a revenue of (5) million dinars (five million dinars) for the supply of electrical materials during the year 2018.
5- The report of the Federal Financial Supervision Bureau indicated that the Baghdad Municipality had not granted the Shiite Endowment Bureau planning approvals for the facilities for investing the land of the Rahman Mosque on the plot numbered (5272/7 m 20) Daoudi in Al-Mansour, and that the Baghdad Municipality had included the construction of a water tank for the account of the Water Department Baghdad on the same plot numbered (18) dunams as indicated in the book of the Municipality of Baghdad / Investment Department No. (M/1/202) on (12/2/2020), and the inquiry was made by the Financial Supervision Bureau according to its memorandum (41) in ( 25/2/2020) However, the Shiite Endowment Bureau did not respond to any inquiry.
6- The report of the Federal Financial Supervision Bureau indicated that the application of the Shiite Endowment Bureau of the provisions of the system of auctions and tenders for endowments No. (45) of 1969) without Investment Law No. (13) of 2006 has no basis in the law under the provisions of Article (29) of The investment law, especially since this contract, although it takes the form of a long lease contract (musataha), but the nature of the obligations contained therein indicates that it is an investment contract, and this is what was included in the contract form under the title of the project type (musataha investment).
7- The letter of the National Investment Authority, No. (N.W/292) in (23/2/2020), confirms that there is no approval from the sectoral authorities (Baghdad Municipality, Ministry of Health, Ministry of Higher Education, Central Bank of Iraq, Ministry of Electricity, Ministry of Construction And housing) to invest for the aforementioned plot by Al-Rakhaa Towers Company, and the Investment Authority also indicated in its aforementioned letter that it did not grant an investment license to the mentioned company, so what does the Shiite Endowment Bureau’s insistence on proceeding with this investment mean?
8- The letter of the Prime Minister’s Office No. (M.R.W/D6/50/2636) on (15/2/2021) indicated that it was not possible to grant the land to the aforementioned company
The deputy added, that the presence of such serious violations of the laws in force and that were indicated by the supervisory authorities, and with the rejection of the Prime Minister’s Office and the National Investment Commission, and the failure to obtain the approval of sectoral authorities such as the Baghdad Municipality, the Ministry of Electricity and the Ministry of Construction and Housing on this project puts a thousand question marks. In front of the insistence of the Shiite Endowment Office to proceed with this false contract.
Al-Uqabi concluded, "We warn the Shiite Endowment Office and Al Rakha Towers Company that the law will affect them if they insist on proceeding with this illegal contract, especially with the existence of open legal investigations in the supervisory and judicial authorities about this suspicious contract." Ended 29/R77
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