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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    FINANCIAL TIMES: THE THEFT OF THE CENTURY IN IRAQ MAY SOON BE FORGOTTEN

    Rocky
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    FINANCIAL TIMES: THE THEFT OF THE CENTURY IN IRAQ MAY SOON BE FORGOTTEN Empty FINANCIAL TIMES: THE THEFT OF THE CENTURY IN IRAQ MAY SOON BE FORGOTTEN

    Post by Rocky Sat Nov 19, 2022 7:58 am

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    FINANCIAL TIMES: THE THEFT OF THE CENTURY IN IRAQ MAY SOON BE FORGOTTEN
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    [You must be registered and logged in to see this link.]43 minutes ago90


    The British newspaper, the Financial Times, published an article by Raya Chalabi, in which she talked about the outcome and developments of the $2.5 billion theft case in Iraq, and investigations into the incident, which is the largest of its kind, have been announced in the country.
    The author says that, according to the Ministry of Finance, armored vehicles carrying $2.5 billion belonging to the Iraqi Tax Authority disappeared between September 2021 and August 2022, a scandal that has sparked widespread controversy within the corridors of power since its discovery last month.
    She adds that the trucks loaded with tax money left the state-owned Rafidain Bank, and took their usual route to disappear in broad daylight in what is known in Iraq as the "theft of the century."
    And he had revealed the merits of this scandal, days before the government of the new Prime Minister, Muhammad Shia’ al-Sudani, took the constitutional oath, and pledged to give priority to fighting corruption that had spread in all aspects of the state and its institutions, as al-Sudani launched a public purge of the aides of former Prime Minister Mustafa Al-Kazemi, according to the author. .

    Sudanese responsibility

    The writer believes that Al-Sudani, who appears to be an independent politician, may face difficulty in holding senior members of the political establishment accountable, noting that “the responsibility for this scandal lies with those at the top of the pyramid of power, and many high-level players are involved, including current and former ministers and civil servants.” civil service and businessmen.
    She stated that "rampant corruption" in Iraq has led to the erosion of state institutions endorsed by the political class that has ruled the country since 2003. Instead of promoting power-sharing, the author adds, "The Iraqi sectarian system has contributed to the consolidation of the quota system between the factions competing for senior government positions and feeding nepotism." within the ministries.

    Involvement of influential parties

    Some sources claim - according to the article - that this latest fraudulent scheme involves many powerful and discordant political factions, especially those who unanimously agreed to appoint Al-Sudani, at a time when the new government is subject to the domination of political blocs linked to Iran known as the "coordinating framework", which have fallen out with the loyalists. Rival Shiite cleric Muqtada al-Sadr to form a government.
    The author confirms, in the course of her article, that 5 people familiar with the investigation indicated that the recent scandal casts doubt on both sides who have struggled for power for a long time.

    Theft detection

    The scandal of embezzlement of $ 2.5 billion - in which the Tax Authority, the Central Bank and the Ministry of Finance are suspected of being involved - came to the public when the "Finance" revealed the result of an internal investigation that showed that from September 2021 to August 2022 about 250 people were organized. A check for 5 companies, and then the funds deposited in the escrow account intended to cover annual liabilities were withdrawn to accounts controlled by the Tax Authority at the state-run Rafidain Bank.

    Suspicions

    The author - speaking about the suspicions surrounding the embezzlement process - confirmed in her report that, according to 3 people familiar with the Iraqi banking sector, it is certain that the Central Bank and Rafidain Bank are aware of the process, as the slight increase in dollars that were purchased at the auction was higher. It is usual, in addition to the fact that the amounts withdrawn were very large, and the same sources explained that "the amount of money transferred daily in Baghdad required armored trucks, and this indicates the involvement of the security services."
    She added that the judiciary issued a travel ban against 9 suspects, including 5 high-ranking civil servants in the Tax Authority, the Ministry of Finance, and company directors, and one of them, named Nour Zuhair Jassim, was arrested at the runway of Baghdad International Airport while trying to leave the capital on a private plane.
    The article continued that - according to the same sources familiar with the investigation - Jassim is the main suspect, and that the judiciary is investigating his relationship with Al-Kazemi's aides, and the judiciary summoned one of Al-Kazemi's advisors for interrogation.
    The article concluded that many of the competing political factions in Iraq that are suspected of being involved in this embezzlement, which was described as "great", have shown their willingness to ally with each other to achieve financial gains, which Mansour comments on, "This confirms that corruption is rooted in the Iraqi political system."
    Source: Financial Times
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