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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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    Parliamentary Integrity reveals “serious” violations in the Investment Authority: more than $200 mil

    Rocky
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    Parliamentary Integrity reveals “serious” violations in the Investment Authority: more than $200 mil Empty Parliamentary Integrity reveals “serious” violations in the Investment Authority: more than $200 mil

    Post by Rocky Mon 30 Oct 2023, 6:51 am

    [size=35][size=35]Parliamentary Integrity reveals “serious” violations in the Investment Authority: more than $200 million[/size]
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    Al-Sumaria News - Politics

    A member of the Parliamentary Integrity Committee, MP Ahmed Taha Al-Rubaie, directed a parliamentary question to the head of the National Investment Commission regarding an investment contract with the British company Daico, whose value is estimated at more than (206) million dollars.


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    Documents issued by Al-Rubaie’s office were revealed and obtained[url=https://www.alsumaria.tv/Entity/133473/%D8%A7%D9%84%D8%B3%D9%88%D9%85%D8%B1%D9%8A%D8%A9 %D9%86%D9%8A%D9%88%D8%B2/ar/]Alsumaria News[/url]He "directed a parliamentary question to the President[url=https://www.alsumaria.tv/Entity/3792764319/%D8%A7%D9%84%D9%87%D9%8A%D8%A6%D8%A9 %D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A%D8%A9 %D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1/ar/]National Investment Authority[/url]It included questions related to the contract concluded with Daico Holding Company, and that the contract is related to the operation, management, leasing, maintenance, investment and marketing of (5) central markets owned by[url=https://www.alsumaria.tv/Entity/3916961567/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9/ar/]Ministry of Commerce[/url]In the amount of (206,069,058) dollars.



    According to the documents, “the questions included the necessity of explaining the reasons for the Authority’s contracting with the company despite the lack of support for the authenticity of the issuance of ratifications on the registration papers of the company with which it contracted.”

    Al-Rubaie pointed out that "the Cayman Islands are considered one of the tax havens in which individuals and companies establish companies and open accounts in order to evade taxes and money laundering. The islands also enjoy self-rule, which means it is difficult to prosecute the company judicially and legally."

    He pointed out, “The Authority did not conclude an investment contract for the project land with the owner, which is[url=https://www.alsumaria.tv/Entity/1970301025/%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9/ar/]The Public Company[/url]For central markets, in violation of the provisions of Investment Law No. (13) of 2006.”

    The member of the House of Representatives confirmed, “There were a number of violations committed by the Authority by referring contracts for implementation despite the lack of explicit approval from[url=https://www.alsumaria.tv/Entity/3916961567/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9/ar/]Ministry of Commerce[/url]to demolish those markets, in addition to the fact that Daico is not registered with the Iraqi Companies Registrar as a branch and that it does not have a representative office in[You must be registered and logged in to see this link.]It did not provide a list of similar and completed works, and the company did not submit the final accounts for the last two financial years to determine its financial efficiency.”

    He stated through the parliamentary question that “the authority did not include any penal clause in the contract concluded with Daico in the event of delay in implementing the schedule for submitting the work stages.” He

    stressed . Member of the Integrity Committee stressed the need to “state that the Authority has not withdrawn the investment license from the company after more than (3) years have passed from the date of granting it despite the lack of achievement in the project.”
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