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[size=36]Investment Authority: The Korean Honwha Company has not spent any amounts on the city of Bismayah[/size]
Economie| 09:49 - 09/10/2022
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Baghdad - Mawazine News
The National Investment Commission denied the inaccurate statements about the Korean Honwha Company's spending on the city of Besmaya.
The authority said in a statement received by Mawazine News: "We were surprised by the statements issued by the South Korean company Hanwha regarding the Basmaya housing project, at a time when talks are continuing between the two sides to reach solutions to complete the project in full, and we regret the inaccurate details contained therein. We find it useful to provide this brief explanation about the mechanisms of the project, which we still hope to be fully accomplished. My agencies:
1- The Basmaya project has been fully funded and to date by the Iraqi state and there are no funds spent by the Korean company as stated in the statement issued by the company.
2- The contract concluded between the Iraqi government and the Korean Hanwha Company stipulates that the Iraqi government will bear only 25% of the project’s cost of ten billion US dollars to complete 100,000 housing units within ten years from the date of signing the contract in September 2012.
3- The Iraqi government paid two billion dollars as a first down payment after signing the contract.
4 - The contract includes that the Korean Hanwha Company will finance the remaining 75% of the project according to a mechanism that includes the company building housing units and handing them over to the Iraqi government represented by the National Investment Commission so that the Commission will sell them to citizens through government banks and then pay the amounts to Hanwha Company.
5- Hanwha Company’s breach of the agreed upon delivery dates for the housing units, which entails providing the necessary financing for the project, which is within the 75% of the company, which led to the failure of the project’s financing in the part that falls under their responsibility and not because of the delay in the payment of payments by the Iraqi government.
6 - The schedule for the delivery of housing units attached to the contract stipulates that the Korean company will deliver 10,500 housing units to the Iraqi government, after two years of signing the contract in May 2012, to be financed from the advance payment that the Iraqi government has committed to, and then delivers 22,500 housing units by Each of the years following this date up to seven years for the duration of the contract, while until September of the year 2014, only 1440 housing units were delivered, and the total number of delivered and inhabited housing units to date is only 20,400 housing units, and there are 9,000 other housing units that have not been completed and are unfit for habitation to date. .
7- The existence of a cumulative amount acknowledged by the Korean company, amounting to approximately one billion and four hundred million dollars of the total amount paid, starting at the signing of the contract, in addition to the amounts paid to the Korean company according to the terms of work, bringing the total amount paid to the company at approximately four billion five hundred million dollars of the contract amount The total amount of ten billion dollars, knowing that the total number of housing units to be delivered under the contract is (100,000) one hundred thousand housing units.
8 - The National Investment Commission obtained the approval of the Council of Ministers to contract with an international auditing company. After the audit process was completed, the company confirmed the existence of accumulated amounts with Hanwha, which is consistent with the outputs of the National Commission and proves its financial position above.
For all of the above, and with our keenness to move forward with the project, the negotiating team concerned with the authority renews its pledge to all those who are registered on the project and who wish to do so, to make every effort to resume work on the project and preserve the entitlements of the citizen and the state alike. Ended 29 / p. 87
1- The Basmaya project has been fully funded and to date by the Iraqi state and there are no funds spent by the Korean company as stated in the statement issued by the company.
2- The contract concluded between the Iraqi government and the Korean Hanwha Company stipulates that the Iraqi government will bear only 25% of the project’s cost of ten billion US dollars to complete 100,000 housing units within ten years from the date of signing the contract in September 2012.
3- The Iraqi government paid two billion dollars as a first down payment after signing the contract.
4 - The contract includes that the Korean Hanwha Company will finance the remaining 75% of the project according to a mechanism that includes the company building housing units and handing them over to the Iraqi government represented by the National Investment Commission so that the Commission will sell them to citizens through government banks and then pay the amounts to Hanwha Company.
5- Hanwha Company’s breach of the agreed upon delivery dates for the housing units, which entails providing the necessary financing for the project, which is within the 75% of the company, which led to the failure of the project’s financing in the part that falls under their responsibility and not because of the delay in the payment of payments by the Iraqi government.
6 - The schedule for the delivery of housing units attached to the contract stipulates that the Korean company will deliver 10,500 housing units to the Iraqi government, after two years of signing the contract in May 2012, to be financed from the advance payment that the Iraqi government has committed to, and then delivers 22,500 housing units by Each of the years following this date up to seven years for the duration of the contract, while until September of the year 2014, only 1440 housing units were delivered, and the total number of delivered and inhabited housing units to date is only 20,400 housing units, and there are 9,000 other housing units that have not been completed and are unfit for habitation to date. .
7- The existence of a cumulative amount acknowledged by the Korean company, amounting to approximately one billion and four hundred million dollars of the total amount paid, starting at the signing of the contract, in addition to the amounts paid to the Korean company according to the terms of work, bringing the total amount paid to the company at approximately four billion five hundred million dollars of the contract amount The total amount of ten billion dollars, knowing that the total number of housing units to be delivered under the contract is (100,000) one hundred thousand housing units.
8 - The National Investment Commission obtained the approval of the Council of Ministers to contract with an international auditing company. After the audit process was completed, the company confirmed the existence of accumulated amounts with Hanwha, which is consistent with the outputs of the National Commission and proves its financial position above.
For all of the above, and with our keenness to move forward with the project, the negotiating team concerned with the authority renews its pledge to all those who are registered on the project and who wish to do so, to make every effort to resume work on the project and preserve the entitlements of the citizen and the state alike. Ended 29 / p. 87
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