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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Its godfather is an Iraqi minister, and these are the “secrets” of Iraqi deals in London.. buying a

    Rocky
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    Its godfather is an Iraqi minister, and these are the “secrets” of Iraqi deals in London.. buying a Empty Its godfather is an Iraqi minister, and these are the “secrets” of Iraqi deals in London.. buying a

    Post by Rocky Sun 11 Aug 2024, 5:06 am

    Its godfather is an Iraqi minister, and these are the “secrets” of Iraqi deals in London.. buying a hotel and real estate for $120 million

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    Economy News - Baghdad
    [rtl]"Marased" obtained documents published by the Royal High Court in Britain on June 25, 2024, which dealt with the investigation into a money laundering case in the capital, London. What is interesting about the case is that it relates to an Iraqi minister who purchased several properties, including palaces and hotels, worth $120 million through his British lawyer.[/rtl]
     
    [rtl]The case was brought by the Solicitors Regulation Authority (SRA) against solicitor George Fahim Saeed for alleged professional misconduct in managing money laundering risks. The case centred on Saeed’s dealings with the family of an Iraqi government minister. The decision sets out the details of the sensational case, including the involvement of the Iraqi minister and his family, the amount of money involved, and the court’s final findings.[/rtl]
     
    [rtl]The case revolves around a family member who served as a minister in the Iraqi government, making him a “politically exposed person” (PEP) under UK anti-money laundering regulations, and his brother who played a pivotal role in directing financial and real estate transactions on behalf of the minister’s son, transferring funds from Dubai to London. The minister’s son was the ultimate beneficiary of these transactions, and the funds were managed for his benefit.[/rtl]
    [rtl]▪︎ Lawyer and Minister[/rtl]
    [rtl]George Fahim Saeed’s relationship with the accused minister’s family began when Saeed worked as a legal advisor to the family, gaining in-depth knowledge of their wealth and business dealings. During that period, Saeed executed several major transactions on behalf of the family, including the purchase of properties in London. Between 2011 and 2019, Saeed oversaw 14 real estate deals for the family, with a total value of approximately £95.8 million (approximately $120 million). It is worth noting that seven properties were purchased while the minister was serving in the Iraqi government as a minister, and the total value of these seven properties amounted to 73% of the total value of the funds, with the most prominent and most expensive property being the purchase of a hotel in London.[/rtl]
    [rtl]▪︎ Hotel Purchase Deal[/rtl]
     
    [rtl]The Solicitors Regulation Authority focused its case against solicitor George Saeed on two property purchases, the first being the purchase of a hotel in London for £27 million ($35 million). In October 2017, George Fahim Saeed was instructed to purchase a hotel in London. The hotel was owned by a Guernsey-registered company. Saeed was instructed by the minister’s brother, on behalf of his nephew the minister, to acquire the shares in the Guernsey company. Following the acquisition in November 2019, the ownership of the hotel was restructured to be owned by a new English company. The minister’s brother became a director of the company, while his nephew the minister was the beneficial owner. A firm of tax advisors worked with Saeed on the transaction. The purchase of the property was largely financed by the minister’s son’s cousin, who was based in Iraq, and partly from the sale of a property in Iraq. The funds were channelled through a Dubai company owned by the minister’s brother.[/rtl]
     
    [rtl]The second property was the purchase of a house in London for £8.5 million (approximately $11 million). In November 2017, George Fahim Saeed made an offer to purchase a house in London on behalf of the minister’s brother and his family. In February 2018, Saeed was instructed by the minister’s brother to act on the purchase of the house, which was to be financed from the proceeds of the sale of a large plot of land in Iraq, which was being purchased by a business partner of the family based in Dubai. The minister’s son was to become the ultimate beneficiary of the house, through his ownership of shares in the company that owned the property.[/rtl]
    [rtl]▪︎ The accused minister[/rtl]
     
    [rtl]Although the case published in London is not directly related to the issue of the spread of corruption in Iraq, and the parties are an independent British body that regulates the work of lawyers and a lawyer suspected of being involved in money laundering, the essence of the case revolves around an Iraqi official with the rank of minister and members of his family who purchased real estate at very high prices while the minister was working in the Iraqi government.[/rtl]
     
    [rtl]Among the heated discussions that took place in the court sessions was the issue of revealing the name of the minister or the addresses of the properties. The court saw that there was no interest in this and since the minister is classified as a “politically exposed person,” it is natural that his name not be published or the details of the properties disclosed for fear of hostile media and the political exploitation of the case.[/rtl]
    [rtl]▪︎ The most important question[/rtl]
     
    [rtl]This case highlights the challenges facing regulators in balancing legal expectations with the professional skills required in the context of anti-money laundering. It is a prime example of the complexities surrounding money laundering and financial auditing issues, and the importance of relying on professional judgment in carrying out legal processes.[/rtl]
     
    [rtl]Given this professionalism, the most important question here remains: Who is the prominent official and former minister who purchased all this number of properties? With a financial value estimated at about 120 million dollars, and where did he get this money from? And how did he transfer it to London?! Will the Iraqi Integrity Commission follow up on this case and try to uncover its hidden papers? Will it be serious enough to move forward to coordinate with the British authorities in this regard in preparation for prosecuting the accused and returning the smuggled money to the state treasury?[/rtl]
    [rtl]
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    Added 2024/08/11 - 10:38 AM
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