Mystery surrounds Iraq’s “theft of the century”… Sources suggest it exceeded $5 billion

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[size=52]Mystery surrounds Iraq’s “theft of the century”… Sources suggest it exceeded $5 billion[/size]

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August 3, 2024 AD - Muharram 28, 1446 AH
Prime Minister Mohammed Shia al-Sudani announcing the recovery of funds from the “theft of the century” (archive - AFP)
Baghdad: Fadhel al-Nashmi
It seems that the course of judicial investigations into the theft of tax funds, and what has become known as the Iraqi “theft of the century,” is on its way to revealing a huge “mountain of corruption.” However, doubts surrounding the total amount stolen seem present in most official and unofficial statements.[/size]
[size=45]The “scandalous” theft erupted during the government of former Prime Minister Mustafa Al-Kadhimi, and its details were announced in the summer of 2022, as an “alliance” consisting of 5 companies, believed to be fictitious, participated in stealing and withdrawing 3 trillion and 750 billion Iraqi dinars in tax funds (estimated at about $2.5 billion), during the period from September 9, 2021 to August 11, 2022.[/size]
[size=45]However, the ongoing investigation and statements issued by several regulatory bodies suggest that the previously announced theft amount has likely doubled, and may reach around 11 trillion dinars (around $8 billion).
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Iraqi MPs discuss the “theft of the century” last October (Iraqi Parliament)
New details in the case
The head of the Integrity Commission, Haider Hanoun, revealed new details regarding the theft of tax deposits. In an indication that the commission does not know the total amount stolen, Hanoun called on the director of the Tax Authority to “announce the amount of money stolen from tax deposits, within 15 days.”[/size]
[size=45]Hanoun said, during a press conference, that "the Prime Minister follows up on the issue of tax deposits on a daily basis."[/size]
[size=45]He revealed that his commission succeeded in retrieving some of the accused, who are owners of companies involved in the theft, including the accused Qasim Muhammad, who held the position of managing director of the “Humpbacked Whale” company, as he was recovered from the Kurdistan region after he had been a fugitive in Turkey, and the theft registered in his name amounted to “988 billion dinars, and these are not final numbers,” according to the head of “Integrity.”[/size]
[size=45]According to Hanoun, “the accused Mohammed Falah Al-Janabi, the managing director of Al-Qant Company, was arrested. He is accused of stealing one trillion and 85 billion dinars through 79 forged checks,” in addition to arresting the third accused of stealing tax deposits in the UAE, and he will be returned soon.[/size]
[size=45]Hanoun stated that “the fourth accused of stealing tax deposits is Alaa Khalaf Maran, who is now a fugitive in Lebanon or Turkey. He was affiliated with Al-Kadhimi’s (Prime Minister) office, and he had 890 billion dinars in his pocket.”[/size]
[size=45]There is also the accused Hussein Kawa, who holds the position of managing director of one of the companies accused of theft. He is still “detained in Erbil, and efforts are underway with the region to recover him. With him is another accused who is also detained, and he is accused of stealing 624 billion dinars, through 37 checks.”[/size]
[size=45]Hanoun revealed that “the number of accused exceeded 30, and more than two million dollars and 155 million dinars were recovered.”[/size]
[size=45]Regarding the main accused, Nour Zuhair, in the theft of tax funds, who was released on bail, the head of the Integrity Commission said, “Nour Zuhair is an accused on bail, and he is out of prison. The recovered funds are returned to the judiciary, and the entire case is in his hands. We have high confidence in the judiciary.”[/size]
[size=45]Total theft of the century.
Academic and anti-corruption researcher Ghaleb Al-Dumay believes that “the issue of tax money is very intertwined and complex, and the hidden part of it is perhaps much larger than the part that is visible to us.”[/size]
[size=45]Al-Dumaimi told Asharq Al-Awsat, “The estimated amount of stolen money may reach 11 trillion Iraqi dinars (about 8 billion dollars), and unfortunately most of this money went outside the country.”[/size]
[size=45]He continued: "So far, about 600 billion Iraqi dinars have been recovered, and the number of main accused persons is 9, including Nour Zuhair. Most of the interests and properties belonging to these persons in Baghdad have been seized in the hope of selling them after estimating their value and returning them to the state treasury."[/size]
[size=45]Al-Dumai believes that “most of those involved were in fact tools for a real thief who did not appear on the scene, but who had the necessary influence to evade the theft. They were merely tools, and when they obtained the money through bank checks, they were satisfied with obtaining small percentages of that money.”[/size]
[size=45]He concluded that “the process of decoding this theft is still under investigation, and it seems that the Integrity Commission has made progress in this regard, although it is in dire need of time in order to obtain all the details related to a huge theft of this type.[/size]
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