Revealed the destinations of billions of dollars looted in Iraq 12 years ago

Revealed the destinations of billions of dollars looted in Iraq 12 years ago


Revealed the destinations of billions of dollars looted in Iraq 12 years agoA government official has revealed various destinations for the billions of dollars looted from Iraq over the past 12 years, stressing that most of them turned into commercial complexes, residential and commercial real estate, land, banks and satellite channels.

“The majority of the looted funds are in different forms with officials and their relatives, MPs and leaders of political blocs,” Al-Arabi newspaper quoted the official as saying. “The largest looting of state funds took place during the years 2006-2014.”

He added that “billions of dollars have been smuggled abroad, while investing another part of the looted funds inside Iraq,” noting that “the previous government, did not reduce corruption, but to a lesser extent because of the financial crisis that was hitting the country at the time.”

He added that “these funds were distributed to officials and former presidents who bought property for them and registered the names of relatives to escape the prosecution,” pointing out that “some of them established the banks in Baghdad, which are run by politicians.”

“It was not only that but the media,” he said. “Some former officials have set up local media agencies to promote their projects.”

The official pointed out that “the head of a parliamentary committee previously established a large commercial complex in the neighborhood of banks east of Baghdad,” explaining that “some private schools are also owned by politicians, and generate large sums of money annually.”

The official said that “this is not limited to Baghdad, as the Iraqi provinces are witnessing an extension of the strength of those involved in corruption cases.”

The Iraqi parliament has been debating the draft bill “Fund for the recovery of Iraq’s funds.” According to a previous statement of the Integrity Commission said that it discussed with the Integrity Committee in parliament the draft law, noting that the Fund is supposed to be managed by the Integrity Commission in cooperation with the Ministries of Foreign Affairs and oil and finance and justice and trade.

A member of parliament for the alliance of victory, Faleh Zeidi, stressed the need to legislate the law because it will contribute to the recovery of billions of dollars that fled in the time of the former regime and after 2003 by corrupt and illegal smugglers.