Quote from MillionDay Post on 11-20-2013 Evening

[ronscarpa]

Quote from MillionDay - Posted on D.Recaps 11-20-2013 Evening 

[millionday] so the UN has told the US that they need to arrange the return of iraq`s money right away

[millionday] The title of the report >>>>>>>>>>>>>>>>>>> Add DFI funds to raise the cash reserve value of the dinar

 

       

 

[billio0]

Wow!

 

If that is even remotely true, then I would say that it is at least as important as when back on June 27 Iraq was released from Chapter 7 UN sanctions.

 

But then again, what do I know?

 

Thanks so very much ronscarpa for the post.

 

Billio0

[jeepguy]

but I thought  those funds were already turned over to Iraq ,  like 1 or 2 years ago,  when the time table had ended  ,  when the agreements of re-payment had been settled ?  {  the latest  on  this kind of news of the Iraqi funds , I had seen in a post ,  they c.b.i.  ,  will use  the d,f,i,  funds to help raise the rates ... } 

[Hellifiknow]

another site.com has been claiming...."hours away"

for the last week!!!!!

Adam says.....no news just be patient.

What the frak!!!!!!!??????

[billio0]

but I thought  those funds were already turned over to Iraq ,  like 1 or 2 years ago,  when the time table had ended  ,  when the agreements of re-payment had been settled ?  {  the latest  on  this kind of news of the Iraqi funds , I had seen in a post ,  they c.b.i.  ,  will use  the d,f,i,  funds to help raise the rates ... } 

 

Hi jeepguy,

 

If I recall, although I believe you are correct in that Iraq did gain control of the DFI funds, while Shabbibi was still governor of the CBI he came here to New York and opened accounts in banks for those funds. The primary purpose was for the USA to continue shielding them from lawsuits from creditors.

 

Of course, there are folks here that are far more astute than I that will probably give us more accurate information about this. Yet, I would imagine that if the UN is now insisting that those funds be turned over to Iraq immediately, then I believe what we have now is a whole new ball game with regard to our investment.

 

Thanks for the post.

 

Billio0

Edited November 21, 2013 by billio0

[keepmwlknfny]

Hi jeepguy,

 

If I recall, although I believe you are correct in that Iraq did gain control of the DFI funds, while Shabbibi was still governor of the CBI he came here to New York and opened accounts in banks for those funds. The primary purpose was for the USA to continue shielding them from lawsuits from creditors.

 

Of course, there are folks here that are far more astute than I that will probably give us more accurate information about this. Yet, I would imagine that if the UN is now insisting that those funds be turned over to Iraq immediately, then I believe what we have now is a whole new ball game with regard to our investment.

 

Thanks for the post.

 

Billio0

You are correct.....Iraq has control of those funds already. Not to mention those funds are for the GOI. Its not the property of the CBI. Those funds are from oil revenues which are used for reconstruction of Iraq and for supporting the budgetary expenditures. 

 

Millionday needs to take another look at what he/she is talking about.

 

Just saw the article in forums posted by Yota....will have to take another look. What I said above is the initial report of what happened with the DFI. I do remember though in Dec 2011 before the funds were handed over, there was only about 7 billion in the funds anyways. 

Edited November 21, 2013 by keepmwlknfny

[boosterbglee]

You are correct.....Iraq has control of those funds already. Not to mention those funds are for the GOI. Its not the property of the CBI. Those funds are from oil revenues which are used for reconstruction of Iraq and for supporting the budgetary expenditures. 

 

Millionday needs to take another look at what he/she is talking about.

Keep....in your opinion, how would this effect our speculation, good or bad?  Thanks, appreciate your being here!

[keepmwlknfny]

Keep....in your opinion, how would this effect our speculation, good or bad?  Thanks, appreciate your being here!

Well Im not so sure it would make a difference either way. I dont know how much is in this account today. Not sure we have a way of finding out. When it was all in the DFI it was audited on a regular. I believe it was turned over to Iraq in June/July 2012. I do recall from the DFI reports that in Dec 2011 there was only 7 billion sitting in that account. If you read this excerpt from the news article.....

 

 strengthen the reserve and on ways to benefit from the money in the fund Male Taan he can add to balance the currency of the cash reserves to strengthen the dinar or utilize them by employing them because Iraq needs to invest in infrastructure projects and reconstruction.,

 It seems they are just simply suggesting they can use it either to strengthen the reserves (as if they arent strong enough already) or use the money as they have been over the years by putting the money right back into reconstructing the country. But you can bet the gurus (as millionday has already started) will hype this up as something detrimental to the RV and that its now a turning point in this speculation. Keep your feet on the ground......As this is just a suggestion of what to do with the money, and still without knowing how much is in it, you cant really make a determination on how this could or would affect them. 

[gamaray]

^{NO, you are incorrect K33P!!  Iraq does not have control of the DFI funds yet .............. They are tied to executive order 13303 which O DID NOT release this past February. The next time the order will be up for review is in May 2014. But O has the authority to realese those funds frozen by the U.S. at anytime he sees fit. See here..........this is from the White House GOverment website..................}

 

^{Executive Order 13303}

 

^{Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest}

^{From page 31931 of the Federal Register. Signed May 22, 2003}

^{By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act, as amended (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 5 of the United Nations Participation Act, as amended (22 U.S.C. 287c) (UNPA), and section 301 of title 3, United States Code,}

^{I, GEORGE W. BUSH, President of the United States of America, find that the threat of attachment or other judicial process against the Development Fund for Iraq, Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, obstructs the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq. This situation constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States and I hereby declare a national emergency to deal with that threat.}

^{I hereby order:}

^{Section 1. Unless licensed or otherwise authorized pursuant to this order, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is prohibited, and shall be deemed null and void, with respect to the following:}

^{(a) the Development Fund for Iraq, and ( all Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, in which any foreign country or a national thereof has any interest, that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of United States persons.}

^{Sec. 2. (a) As of the effective date of this order, Executive Order 12722 of August 2, 1990, Executive Order 12724 of August 9, 1990, and Executive Order 13290 of March 20, 2003, shall not apply to the property and interests in property described in section 1 of this order.}

^{( Nothing in this order is intended to affect the continued effectiveness of any rules, regulations, orders, licenses or other forms of administrative action issued, taken, or continued in effect heretofore or hereafter under Executive Orders 12722, 12724, or 13290, or under the authority of IEEPA or the UNPA, except as hereafter terminated, modified, or suspended by the issuing Federal agency and except as provided in section 2(a) of this order.}

^{Sec. 3. For the purposes of this order:}

^{(a) The term “person” means an individual or entity; (  The term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization; © The term “United States person” means any United States citizen, permanent resident alien, entity organized under the laws of the United}

^{[Page 31932]}

^{States or any jurisdiction within the United States (including foreign branches), or any person in the United States; (d) The term “Iraqi petroleum and petroleum products” means any petroleum, petroleum products, or natural gas originating in Iraq, including any Iraqi- origin oil inventories, wherever located; and (e) The term “Development Fund for Iraq” means the fund established on or about May 22, 2003, on the books of the Central Bank of Iraq, by the Administrator of the Coalition Provisional Authority responsible for the temporary governance of Iraq and all accounts held for the fund or for the Central Bank of Iraq in the name of the fund.}

^{Sec. 4. (a) The Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Defense, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA and the UNPA as may be necessary to carry out the purposes of this order. The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the United States Government. All agencies of the United States Government are hereby directed to take all appropriate measures within their statutory authority to carry out the provisions of this order.}

^{( Nothing contained in this order shall relieve a person from any requirement to obtain a license or other authorization in compliance with applicable laws and regulations.}

^{Sec. 5. This order is not intended to, and does not, create any right, benefit, or privilege, substantive or procedural, enforceable at law or in equity by a party against the United States, its departments, agencies, entities, officers, employees, or agents, or any other person.}

^{Sec. 6. This order shall be transmitted to the Congress and published in the Federal Register.}

^{(George W Bush’s Signature)}

^{THE WHITE HOUSE, May 22, 2003.}

<sup>Read a Critical Analysis of Executive Order 13303

http://reclaimdemocracy.org/executive-order-13303/</sup>

 

^{and this is from this year.............}

 

^{Notice -- Continuation of the National Emergency with Respect to the Stabilization of Iraq}

^NOTICE

^{- - - - - - -}

^{CONTINUATION OF THE NATIONAL EMERGENCY
WITH RESPECT TO THE STABILIZATION OF IRAQ}

^{On May 22, 2003, by Executive Order 13303, the President declared a national emergency pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701-1706) to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the continued reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq.}

^{The obstacles to the continued reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States. For this reason, the national emergency declared in Executive Order 13303, as modified in scope and relied upon for additional steps taken in Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 29, 2004, Executive Order 13364 of November 29, 2004, and Executive Order 13438 of July 17, 2007, must continue in effect beyond May 22, 2013. Therefore, in accordance with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303.}

^{This notice shall be published in the Federal Register and transmitted to the Congress.}

^{BARACK OBAMA}

^{THE WHITE HOUSE,
May 17, 2013.}

 

 

 

Edited November 21, 2013 by gamaray

[keepmwlknfny]

^{NO, you are incorrect K33P!!  Iraq does not have control of the DFI funds yet .............. They are tied to executive order 13303 which O DID NOT release this past February. The next time the order will be up for review is in May 2014. But O has the authority to realese those funds frozen by the U.S. at anytime he sees fit. See here..........this is from the White House GOverment website..................}

 

^{Executive Order 13303}

 

^{Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest}

^{From page 31931 of the Federal Register. Signed May 22, 2003}

^{By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act, as amended (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 5 of the United Nations Participation Act, as amended (22 U.S.C. 287c) (UNPA), and section 301 of title 3, United States Code,}

^{I, GEORGE W. BUSH, President of the United States of America, find that the threat of attachment or other judicial process against the Development Fund for Iraq, Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, obstructs the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq. This situation constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States and I hereby declare a national emergency to deal with that threat.}

^{I hereby order:}

^{Section 1. Unless licensed or otherwise authorized pursuant to this order, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is prohibited, and shall be deemed null and void, with respect to the following:}

^{(a) the Development Fund for Iraq, and ( all Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, in which any foreign country or a national thereof has any interest, that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of United States persons.}

^{Sec. 2. (a) As of the effective date of this order, Executive Order 12722 of August 2, 1990, Executive Order 12724 of August 9, 1990, and Executive Order 13290 of March 20, 2003, shall not apply to the property and interests in property described in section 1 of this order.}

^{( Nothing in this order is intended to affect the continued effectiveness of any rules, regulations, orders, licenses or other forms of administrative action issued, taken, or continued in effect heretofore or hereafter under Executive Orders 12722, 12724, or 13290, or under the authority of IEEPA or the UNPA, except as hereafter terminated, modified, or suspended by the issuing Federal agency and except as provided in section 2(a) of this order.}

^{Sec. 3. For the purposes of this order:}

^{(a) The term “person” means an individual or entity; (  The term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization; © The term “United States person” means any United States citizen, permanent resident alien, entity organized under the laws of the United}

^{[Page 31932]}

^{States or any jurisdiction within the United States (including foreign branches), or any person in the United States; (d) The term “Iraqi petroleum and petroleum products” means any petroleum, petroleum products, or natural gas originating in Iraq, including any Iraqi- origin oil inventories, wherever located; and (e) The term “Development Fund for Iraq” means the fund established on or about May 22, 2003, on the books of the Central Bank of Iraq, by the Administrator of the Coalition Provisional Authority responsible for the temporary governance of Iraq and all accounts held for the fund or for the Central Bank of Iraq in the name of the fund.}

^{Sec. 4. (a) The Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Defense, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA and the UNPA as may be necessary to carry out the purposes of this order. The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the United States Government. All agencies of the United States Government are hereby directed to take all appropriate measures within their statutory authority to carry out the provisions of this order.}

^{( Nothing contained in this order shall relieve a person from any requirement to obtain a license or other authorization in compliance with applicable laws and regulations.}

^{Sec. 5. This order is not intended to, and does not, create any right, benefit, or privilege, substantive or procedural, enforceable at law or in equity by a party against the United States, its departments, agencies, entities, officers, employees, or agents, or any other person.}

^{Sec. 6. This order shall be transmitted to the Congress and published in the Federal Register.}

^{(George W Bush’s Signature)}

^{THE WHITE HOUSE, May 22, 2003.}

^{Read a Critical Analysis of Executive Order 13303}

http://reclaimdemocracy.org/executive-order-13303/

 

^{and this is from this year.............}

 

^{Notice -- Continuation of the National Emergency with Respect to the Stabilization of Iraq}

^NOTICE

^{- - - - - - -}

^{CONTINUATION OF THE NATIONAL EMERGENCY}

WITH RESPECT TO THE STABILIZATION OF IRAQ

^{On May 22, 2003, by Executive Order 13303, the President declared a national emergency pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701-1706) to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the continued reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq.}

^{The obstacles to the continued reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States. For this reason, the national emergency declared in Executive Order 13303, as modified in scope and relied upon for additional steps taken in Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 29, 2004, Executive Order 13364 of November 29, 2004, and Executive Order 13438 of July 17, 2007, must continue in effect beyond May 22, 2013. Therefore, in accordance with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303.}

^{This notice shall be published in the Federal Register and transmitted to the Congress.}

^{BARACK OBAMA}

^{THE WHITE HOUSE,}

May 17, 2013.

 

 

 

 

That is not correct gamaray.....that is protecting the funds from claims. Thats what was extended.....

 

The DFI funds were turned over to control of Iraq last year. 

 

Two seperate issues.

Even the IAMB which oversaw the DFI funds released its control to the Iraqis to take care of themselves....

 

http://www.iraq-businessnews.com/wp-content/uploads/2011/07/iamb-june-30-2011-press-release-re-DFI.pdf

Iraq’s Assets Subject to Seizure?

Posted on 01 July 2011. Tags: Development Fund for Iraq, DFI, Fasken Martineau, Kuwait Airways, Volterra Fietta

The passing of control of the Development Fund for Iraq (DFI) to the Iraqi government may make the assets vulnerable to seizure.

A lawyer for Kuwait Airways told Bloomberg in an interview that “the class of assets against which we can seek enforcement has expanded.”

Christopher Gooding (pictured), a partner at London-based Fasken Martineau, said:

“Despite pleas to the contrary, Iraq is an extremely rich country … Its trading assets are available worldwide, and it remains our intention to seize Iraqi assets whenever and wherever they are available.”

Iraq amassed about $130 billion in debt under Hussein; it owes Kuwait about $21 billion and carries a significant debt to Qatar and Saudi Arabia. It continues to pay into the UN compensation fund.

“For anyone with unpaid debts with Iraq, this is a very significant development,” Stephen Fietta, a solicitor atVolterra Fietta in London, said in an interview.

Most legal jurisdictions recognize the ability of creditors to seize debtors’ assets as a means of debt enforcement. A sophisticated creditor may be able to track Iraqi cargo and try to seize it as it enters a port, or upon its discharge, he said.

“The risk might be minimized if the legal title was transferred by the Iraqi government before the oil was shipped,” Fietta said. “So there are ways around this, but the constant risk of seizure and enforcement can become a real headache for sovereign debtors, just as for private ones.”

(Sources: Bloomberg, UPI)

Posted in Industry & Trade, Oil & GasComments (0)

Security Council Welcomes Iraq’s Control of Development Fund

Posted on 01 July 2011. Tags: Development Fund for Iraq, DFI, Security Council, UN, United Nations

The United Nations Security Council welcomed the Iraqi Government’s assumption of full autonomy, with effect from 1st July, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs.

In a press statement, the Council welcomed the Government’s establishment of a successor arrangement for the transition of the Development Fund for Iraq, in line with the United Nations body’s resolution 1956, adopted last year.

“The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq’s Committee of Financial Experts, which will exercise authority in accordance with its terms of reference approved by Iraq’s Council of Ministers,” according to the statement, read out by Ambassador Alfred Moungara Moussotsi of Gabon, which holds the Council’s presidency in June.

The Council reiterated its appreciation of the ongoing efforts and commitment of the Iraqi Government to ensure that oil revenues are used in the interest of the country’s people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices with regard to transparency, accountability and integrity.

“The members of the Security Council underscored the importance of Iraq’s continued compliance with relevant [security Council] resolutions,” the statement added.

The Council set up the trust fund in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction, replacing the previous oil-for-food programme that allowed the sanctions-bound government of Saddam Hussein to use some oil revenues for the monitored purchase of humanitarian supplies.

(Source: United Nations)

Posted in Banking & Finance, Oil & GasComments (0)

Iraq Gets Control of its Development Fund (DFI)

Posted on 29 June 2011. Tags: Development Fund for Iraq, DFI, IAMB, International Advisory and Monitoring Board, Nujayfi,Osama al-Nujaifi

There was more sabre rattling on the Iraqi political scene this week, as the Speaker of parliament, Osama al-Nujaifi, hinted at the possibility of a break-away Sunni state.

His statements follow indications, finally, from Prime Minister Nouri al-Maliki to the effect that ministerial heads may metaphorically roll as a result of their poor performance.

These stories, against a background of increasing violence, have perhaps distracted attention from the fact that the Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, reverts to Iraqi control from tomorrow, 30th June.

The sums involved are immense, and it is essential that they are handled professionally. We can expect some clarification from the International Advisory and Monitoring Board (IAMB) on Thursday regarding the future management of the fund.

 

Posted in PoliticsComments (3)

$34 Million ‘Missing’ from Iraqi Accounts

Posted on 23 February 2011. Tags: Budget, Chapter Seven, Chapter VII, Corruption, Development Fund for Iraq, Nujaifi, UN,United Nations

Around $34 million is “missing” from a post-Gulf War fund that Iraq maintains to protect the money from foreign claims, its parliamentary speaker said on Monday as authorities scrambled to head off further protests on cutting politicians’ pay and ramping up support for the needy.

“There is missing money, we do not know where it has gone,” Osama al-Nujaifi (pictured) said at a news conference in Baghdad. “The money is around [$34 million] in total.”

“It may have been spent somewhere, but it does not appear in our accounts, so parliament will investigate where this money has gone.”

Nujaifi did not say when or how the discovery had been made regarding the missing money. He said two investigative committees had been formed to track down the cash.

The Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, has been protected against claims by a U.N. resolution that expires on June 30.

On December 15, the U.N. Security Council ended key international Chapter VII sanctions imposed on Iraq following now-executed dictator Saddam Hussein’s 1990 invasion of Kuwait in a major move toward bringing closure on the Saddam era.

Among the decisions taken on that day was the closure of the DFI.

(Sources: Al Arabiya, AKnews)

Posted in Banking & Finance, PoliticsComments (3)

Iraq to Obtain Rest of Oil-for-Food Funds by End of the Year, UN Official Says

Posted on 06 April 2010. Tags: Development Fund for Iraq, oil for food, UN, War Damage

The Iraqi Government has a “realistic” plan to take full ownership by the end of this year of a fund administering proceeds from export sales of petroleum under the now defunct Oil-for-Food Programme, a top United Nations budget official told the Security Council today.

“Once all the outstanding activities under the Oil-For-Food Programme are concluded, and taking into account issues mentioned by the Secretary-General’s report circulated to the Council members, all other remaining funds should be transferred from the Iraqi Escrow Account to the DFI [Development Fund for Iraq],” said UN Controller Jun Yamazaki to Council members as he presented the latest report on the issue by Secretary-General Ban Ki-moon.

The Development Fund for Iraq was established in 2003, the same year the Security Council phased out the Oil-for-Food Programme, which allowed the sanctions-bound government of Saddam Hussein to use some monitored oil sales revenue for humanitarian purchases.

In 2003, proceeds from petroleum sales, along with the balance of the Oil-for-Food funds put under escrow and some frozen assets, were slowly transferred to the Development Fund for Iraq, overseen by the International Advisory and Monitoring Board (IAMB).

As of the end of 2008, the fund had received nearly $180 billion, according to a 2009 report by Mr. Ban.

Iraqi Prime Minister Nuri al-Maliki asked the Security Council last year to extend the fund until December 2010, at which time Iraqi officials would take over.

“The action plan and timeline as presented by the Government of Iraq is realistic and I am pleased the Government of Iraq plans to select an independent international auditor to confirm that all proceeds of export sales of petroleum, petroleum products and natural gas from Iraq are accounted for,” Mr. Yamazaki said today.

At the same time, he added, work remains to be done to fully implement the action plan as presented by Iraq for the transition to successor arrangements for the fund.

Posted in Banking & FinanceComments (0)

Iraq to Continue to Pay 5% of Oil Proceeds to Compensation Fund

Posted on 06 April 2010. Tags: Development Fund for Iraq, Kuwait, United Nations, War Damage

UNITED NATIONS, 03 April 2010 - Kuwait News Agency 

UN Secretary-General Ban Ki-moon on Friday said Iraq must continue to pay five percent of its oil proceeds into the Compensation Fund even if arrangements for the successor Development Fund for Iraq (DFI) are in place and Iraq stated its commitment to settle all debts inherited from the Saddam regime.

“Unless the Iraqi Government and the Governing Council of the UN Compensation Commission mutually agree to change the percentage or terminate such payments, it is imperative that the Government of Iraq continue to be obliged to deposit 5 percent of the (oil) proceeds into the Compensation Fund, ” Ban said in his first quarterly report to the Security Council on arrangements for the DFI.

It is also necessary, he added, to ensure that the “present mechanism is maintained or an alternative equally effective mechanism is established” to ensure the payment into the Compensation Fund which was established by the council to compensate the victims of the Iraqi invasion of Kuwait in 1990.

In the post-Development Fund arrangements and as an alternative mechanism to ensure such payment, he suggested, the banking services agreement to be established by Iraq for any accounts that would hold oil proceeds “could include an article specifying the percentage that would be taken from the total and deposited in the Compensation Fund.” He noted that as it will be difficult to ensure that all proceeds would be recorded, an audit mechanism, he suggested, would be established or the Security Council “may request that a fixed yearly amount is paid by the Government of Iraq into the Compensation Fund, irrespective of the amount of oil proceeds.” Ban’s report to the council is the first in conformity with the council’s request in resolution 1905 of last December to provide quarterly written reports on progress made in strengthening financial and administrative oversight of the DFI as well as the legal issues and options to be considered to implement successor arrangements and an assessment of Iraq’s progress in preparing for such arrangements.

The DFI, established in 2003, holds the proceeds of Iraq oil revenues and the transferred balances from the UN oil-for-food programme. It is being audited by independent accountants reporting to the International Advisory and Monitoring Board (IAMB) in order to ensure transparency.

The mandates of both the DFI and the IAMB, as well as the immunity of oil proceeds deposited in the DFI, were extended by the council last December for one year ending December 31st, 2010. The council said it was ready to review their mandates by June, 2010, at the request of Iraq. Ban suggested in his report that the council end the privileges and immunities of the DFI once it becomes a fully nationally owned and controlled Fund and that the Iraqi Government be prepared to assume responsibility for any claims and liabilities to which the successor arrangement may be exposed after December, 2010.

In the meantime, Iraqi Foreign Minister Hoshyar Zebari sent a letter to the Security Council released this week regarding the action plan and timeline for the transition to successor arrangements for the DFI and the IAMB beginning January, 2011, in a manner that will enable it to comply with paragraph 21 of resolution 1483 which said Iraq shall pay the five percent of its oil proceeds to the Compensation Fund.

Zebari also reaffirmed Iraq’s commitment to settle all debts inherited from the Saddam regime, and to continue to examine them until final settlement.

His letter mentioned debts owed to governments as well as to private and international companies. Zebari also stated the steps the government is taking to prepare for the successor arrangements and timeline for the DFI. Ban “welcomed” Iraq’s report to the council and “commended” the Government for “acknowledging their obligations” under resolution 1483.

“I recognize that the action plan and timeline as presented by the Government of Iraq are realistic and I’m pleased that the Government of Iraq plans to select an independent international auditor to confirm that all (oil) proceeds from Iraq are accounted for,” Ban said.

Ban also “welcomed” Iraqi Committee of Financial Experts (COFE) which finalized a time-bound action plan to implement a comprehensive oil metering system and “encouraged” the Government to provide an update on this matter in its next quarterly report to the council.

Ban finally said that “work remains to be done to fully implement” the Iraqi action plan for the transition to successor arrangements for the DFI and “I look forward to keeping the Security Council informed on the Government’s progress in preparing for such arrangements.” An official from the Iraq National Bank is scheduled to brief the council in an open meeting on these arrangements next Tuesday.

Posted in Banking & FinanceComments (0)

 

 

 

[gamaray]

_{RIIIIIIIIIIGHT!!!..................NOT!}

[mrref]

Back and Forth who in the heck knows??????????????????????

[keepmwlknfny]

_{RIIIIIIIIIIGHT!!!..................NOT!}

Whats the issue? I provided you with links about the transition of the DFI back into Iraqs hands, if you research you will find plenty more. What your posting was about is the protection we have kept on the funds from any claims made against Iraq which is a seperate topic. What dont you understand? Can I help clarify anything for you?

[Alex38]

4098.

[ronscarpa]

Thanks "keepmwlknfny"m (+) ...... All we can do is WAIT and see what happens...LOL   

[bsndhn]

Keep, do you remember how long it was that we told how we came up with our user names?

[JuryPicker]

You are correct.....Iraq has control of those funds already. Not to mention those funds are for the GOI. Its not the property of the CBI. Those funds are from oil revenues which are used for reconstruction of Iraq and for supporting the budgetary expenditures. 

 

Millionday needs to take another look at what he/she is talking about.

 

Just saw the article in forums posted by Yota....will have to take another look. What I said above is the initial report of what happened with the DFI. I do remember though in Dec 2011 before the funds were handed over, there was only about 7 billion in the funds anyways. 

 

You don't know squat. JP

[keepmwlknfny]

Keep, do you remember how long it was that we told how we came up with our user names?

Quite a while ago if I remember correctly why?

[George2351]

Keep it is great to see you here on Dinarvets.  I thought you got booted off a while ago.  Honestly Keep, do you think this RV will ever happen?  

[AmericaInc]

Hi jeepguy,

 

If I recall, although I believe you are correct in that Iraq did gain control of the DFI funds, while Shabbibi was still governor of the CBI he came here to New York and opened accounts in banks for those funds. The primary purpose was for the USA to continue shielding them from lawsuits from creditors.

 

Of course, there are folks here that are far more astute than I that will probably give us more accurate information about this. Yet, I would imagine that if the UN is now insisting that those funds be turned over to Iraq immediately, then I believe what we have now is a whole new ball game with regard to our investment.

 

Thanks for the post.

 

Billio0

I remember this being true also. 

(reminder note - I have been in this since 08)

great post Billy 

[keepmwlknfny]

Keep it is great to see you here on Dinarvets.  I thought you got booted off a while ago.  Honestly Keep, do you think this RV will ever happen?

Honestly? No....not in the way we are expecting. Do I think they will have a higher valued dinar? Yes.....but not in a profitable way to us speculators.....

If they really wanted to revalue the currency they have the means to at least double our profits now but why havent they??? Seems they have a different plan in mind.....

[gamaray]

Whats the issue? I provided you with links about the transition of the DFI back into Iraqs hands, if you research you will find plenty more. What your posting was about is the protection we have kept on the funds from any claims made against Iraq which is a seperate topic. What dont you understand? Can I help clarify anything for you?

 

NOPE!! your still incorrect.........the UN still controls all of Iraqs  funds. Thus the payments made by the UN to Kuwait on the compensation each quarter not to mention all the proof that Iraq hasn't recieved their DFI or frozen funds.........NOW how bout you give us links that proves that they are paid, how much. Not what the expect to happen way back in 2010 and 2011.

[sandfly]

SOON

[stealthwarrior]

It does'nt mean squat.all the articles we have read about PROGRESS have not changed one little thing.they are still bombing the hell out of each other and running thier little power plays.I am convinced that they are doomed to this exsistence.

[gamaray]

His own articles say that they would be picked apart by creditors if they controlled the DFI funds:

Iraq’s Assets Subject to Seizure?

Posted on 01 July 2011. Tags: Development Fund for Iraq, DFI, Fasken Martineau, Kuwait Airways, Volterra Fietta

(Quote) The passing of control of the Development Fund for Iraq (DFI) to the Iraqi government may make the assets vulnerable to seizure.

This line says that they expanded the protection so Kuwait Airways couldn't get the funds, thus the word expanded.

(Quote) A lawyer for Kuwait Airways told Bloomberg in an interview that “the class of assets against which we can seek enforcement has expanded.”

Here is the other article posted and notice the word assumption, meaning the article is assuming that Ieraq gets autonomy to be able to control their own funds not that they are going to get control for sure on the first of July

Security Council Welcomes Iraq’s Control of Development Fund

Posted on 01 July 2011. Tags: Development Fund for Iraq, DFI, Security Council, UN, United Nations

(Quote) The United Nations Security Council welcomed the Iraqi Government’s assumption of full autonomy, with effect from 1st July