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yota691

Efforts to recover $ 87 billion of Iraqi funds withheld in 55 countries

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Editing Date: 9/12/2019 8:12 • 392 times read
Iraq opens an old file to recover $ 87 billion from 55 countries
{Baghdad: Al Furat News} The Integrity Commission disclosed that Iraq’s endeavor to collect amounts in excess of $ 87 billion as an initial appraisal amount due to 55 countries that had contracted with it prior to Iraq’s occupation of Kuwait to form a contract with that same value goods.
The Head of the Recovery Department at the Integrity Commission said in a press statement that "Iraqi laws authorize two official bodies to recover Iraqi money abroad, which is the money recovery fund that was formed at the time headed by the Deputy Minister of Finance and the membership of a number of external agencies such as the central bank The duration of economic sanctions on Iraq after the occupation of Kuwait and specialized in the topic of oil for food. "
He added that " the official the other side is the circle of recovery , which was formed under Order No. 30 of 2011 , which is concerned with the recovery of money and accused after 2003 due to crimes of corruption, by virtue of the Integrity Commission on the United Nations Convention against corruption, and thus it became the official entity to implement the obligations Iraq under the United Nations agreement did not allow it to communicate with external and counterpart parties. "
And he added: It is among the United Nations agreement to fight corruption in the fifth chapter of the fourth on the recovery of assets and international cooperation as a restitution department, since most of the laws in force do not regulate and take into account the issue of the recovery of funds with the use of the two funds.
He indicated that the issue of the recovery of funds, which is the focus of the conversation, appeared on the surface after the Arab Spring, as there were no lawful laws in this aspect such as the recovery of funds, and accordingly the Commission found the legal basis for one of the chapters to recover the assets and obligated the countries included in the United Nations Convention against Corruption to provide possible assistance in recovering Obtained from corruption crimes operations, and the commission started working in this field, as it is Iraqi money that must be worked on.
After the head of the recovery department, the redemption fund has generated death since its founding in the Ministry of Finance, after which the urgent need to activate it appeared, which was what took place in 2015, and after confirming that there are funds for Iraq with a number of countries, from which it has formed a proposal To recover the money and it was formed in January 2017, within the Prime Minister's Office considering that it includes all the concerned parties as well as that gives him a kind of strength, and actually began work on creating a database that includes all Iraqi money abroad and has been considered Ed form and sent to all ministries, institutions and provinces than existing funds outside the country before the occupation of Kuwait.
He pointed out that everyone knows that Iraq, after the occupation of Kuwait, all of its money abroad was frozen in Security Council resolutions 660 and 661, whether they were official or people related to the regime, and for example, Iraq had a contract with Italy to complete the end of the eighty One billion and 350 million dollars were delivered to the Italian side of it in the form of oil quantities and other cash. ”
He continued: The contract was lagged due to the Kuwait issue and was postponed and was not executed and the money received from the Italian side and the Zipline M for Iraq, after which it was sold by specialized Italian companies to another party, and despite that, the Italian side filed a lawsuit against Iraq after 2003, and then Iraq hired lawyers to restore its right.
And he added: There is another contract with Spain worth 11 million dollars in agreement with the Ministry of Industry to provide Iraq with various industrial materials, which was not also implemented due to the Kuwait war, and they were discussed recently with the Spanish side, who confirmed its willingness to pay the money but in the form of goods, noting that contact had been made with the Ministry Industry and now we are in the process of importing goods to the Ministry worth the amount, disclosing that its department has a database and statistics for 55 city-states in Iraq.
The Head of the Integrity Commission emphasized that the work team that was formed in the year 2017 worked to amend the law of the Fund for the Recovery of Funds and the orientation had to be in the Integrity Authority and transferred the priorities of the recovery team to the Fund, including statistics on the amounts that belong to Iraq in the hands of 55 countries as a result of contracts concluded before the occupation of Iraq For Kuwait and the establishment of a database that includes all Iraqi money abroad.
He added that he was prepared form sent to all ministries, institutions and provinces than existing funds outside Iraq, especially that the money claimed by Iraq documented and not money companies which contracts concluded are not implemented and dilatory because of the subject of Kuwait, stressing that the figure speculative for these amounts is estimated at 84 One billion and 291 million dollars, in addition to two billion and 337 million euros, and nearly one trillion and 326 billion dinars, indicating that the Fund is currently working on ensuring non-cash P information in this debt between the ministries and government institutions and provinces ".anthy
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09/12/2019 08:20
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Integrity seeks $ 87 billion from 55 countries

Baghdad / Obelisk: The Integrity Commission disclosed, on Monday, that Iraq seeks to collect amounts exceeding $ 87 billion as an initial estimate in the case of 55 countries that had contracted with it before Iraq’s occupation of Kuwait, while stressing Spain’s readiness to pay the value of a signed contract with the country during the same period in the form of goods.

The head of the recovery department at the Integrity Commission said in an interview followed by the obelisk, that Iraqi laws authorize two official bodies to retrieve Iraqi money abroad, which is the fund to recover money.

He added that the other official body is the recovery department that was formed according to Decree No. 30 of 2011 and is concerned with the recovery of funds and those accused after the year 2003 due to corruption crimes, as the Integrity Commission is concerned with the United Nations Convention against Corruption.

He pointed out that everyone knows that after the occupation of Kuwait, all of his money abroad was frozen by Security Council resolutions 660 and 661, whether they were official or people related to the former regime. For example, Iraq had a contract with Italy concluded in the end of the eighties to establish a naval war fleet of 11 ships worth One billion and 350 million dollars were delivered to the Italian side, including oil and cash.

He continued that the contract was lagged due to the issue of Kuwait and was postponed and not implemented and the money was received by the Italian side and the ships were not delivered to Iraq and after that it was sold by specialized Italian companies to another party and despite that the Italian side filed a lawsuit against Iraq for the damage after the year 2003. And

he added that there is another contract with Spain worth $ 11 million with the Ministry of Industry to provide Iraq with various industrial materials that were also not implemented due to the Kuwait war. 
  
Follow the obelisk

http://almasalah.com/ar/news/183703/النزاهة-تسعى-لاستحصال-87-مليار-دولار-بذمة-55-دولة

 

 
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Integrity Commission Logo
  

 money and business


Economy News - Baghdad

The Integrity Commission announced, on Monday, that it is seeking to collect amounts in excess of $ 87 billion as an initial estimate, due from 55 countries that it had contracted with before Iraq’s invasion of Kuwait.

A source from the recovery department at the commission said in a statement to the official newspaper "Al-Sabah", which was read to him by "Al-Iqtisad News", that "Iraqi laws authorize two official bodies to retrieve Iraqi funds abroad, which is the money-back fund that was formed at the time headed by the Deputy Minister of Finance and the membership of a number of authorities, such as the central bank. The Ministry of Foreign Affairs and Justice, whose mission was to recover money that was used during the period of economic sanctions on Iraq after the occupation of Kuwait and specialized in the topic of oil for food.

He added: "The other official authority is the recovery department that was formed according to Decree No. 30 of 2011 and is concerned with the recovery of money and those accused after the year 2003 for corruption crimes."

And he added that "it is within the United Nations Convention against Corruption in the fourth quarter of the fifth on the recovery of assets and international cooperation as a circle of recovery, as most of the laws in force do not regulate and do not take into account the issue of recovery of money, given that the recovery of accused and convicted persons is regulated by bilateral agreements."

He pointed out that "the issue of the recovery of funds, which is the focus of the conversation, appeared on the surface after the Arab Spring, as there were no laws in force in this aspect such as the recovery of funds, and accordingly the Commission found the legal basis for one of the chapters to recover the assets and obligated the countries included in the United Nations Convention against Corruption to show possible assistance in recovering The assets obtained from corruption crimes, and the commission started working in this field, as it is Iraqi money that must be worked on.

The recovery department promised, "The recovery fund was born dead since its establishment in the Ministry of Finance, and after that the urgent need to activate it appeared, which was done in 2015 and after making sure that there are funds for Iraq in a number of countries."

He noted, "With a proposal from the Recovery Department, a technical team has been formed to recover the money and was formed in January 2017, within the Prime Minister's Office, as it includes all the concerned authorities, and that gives him some kind of strength, and already he started work on creating a database that includes all Iraqi money in Abroad A form was prepared and sent to all ministries, institutions and governorates about the existing funds outside the country before the occupation of Kuwait.

He pointed out that "everyone knows that Iraq and after the invasion of Kuwait, all of its money abroad was frozen by Security Council resolutions 660 and 661, whether they are official or people related to the former regime. For example, Iraq had a contract with Italy concluded the end of the eighties to establish a naval war fleet of 11 ships. Its value is one billion and 350 million dollars, which were delivered to the Italian side in the form of oil and other cash.

And he added, "There is another contract with Spain worth 11 million dollars in agreement with the Ministry of Industry to provide Iraq with various industrial materials that were not implemented as well due to the Kuwait war. Recently, discussions were held with the Spanish side, who confirmed its willingness to pay the money but in the form of goods."


Number of views 47   Date added 09/12/2019

 
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Iraq is seeking to collect nearly $ 90 billion, owed by 55 countries

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 12/08/2019 22:46:31

 

Shafaq News / The Integrity Commission disclosed that Iraq seeks to obtain amounts in excess of $ 87 billion as an initial estimate, due from 55 countries that had contracted with it before Iraq’s occupation of Kuwait, while stressing Spain’s readiness to pay the value of a signed contract with the country during that same period in the form of goods.

The semi-official newspaper, Al-Sabah, was quoted in its issue issued today, Monday, by the Head of the Recovery Department in the Integrity Commission as saying that Iraqi laws authorize two official bodies to retrieve Iraqi money abroad, which is the money-back fund that was then formed under the chairmanship of the Deputy Minister of Finance and the membership of a number of bodies such as the Central Bank and the two foreign ministries Justice was his specific mission to recover the money that was used during the period of economic sanctions on Iraq after the occupation of Kuwait and specialized in the topic of oil for food.

He added: The other official authority is the recovery department that was formed according to Decree No. 30 of 2011 and is concerned with the recovery of funds and those accused after 2003 due to corruption crimes, as the Integrity Commission is concerned with the United Nations Convention against Corruption, and therefore it has become the official body to implement the obligations of Iraq Under the United Nations agreement, it did not allow it to communicate with external and counterparts.

And he added: It is part of the United Nations Convention against Corruption in the fourth chapter of the fifth chapter on asset recovery and international cooperation as a recovery department, since most of the laws in force are not regulated and do not take into account the issue of recovery of money, given that the recovery of accused and convicted persons is regulated by bilateral agreements.

He indicated that the issue of the recovery of funds, which is the focus of the conversation, appeared on the surface after the Arab Spring, as there were no laws in this regard such as the recovery of funds, and accordingly the Commission found the legal basis for one of the chapters to recover the assets and obligated the countries included in the United Nations Convention against Corruption to show possible assistance in recovering the assets. Obtained from corruption crimes, and the commission started working in this field, as it is Iraqi money that must be worked on.

The head of the recovery department promised that the recovery fund was born dead since its establishment in the Ministry of Finance, and after that the urgent need to activate it appeared, which was done in 2015 and after confirming that there are funds for Iraq in a number of countries, noting that, with a proposal from the recovery department, a technical team has been formed To recover the money and it was formed in January 2017, within the Prime Minister's Office, as it includes all the concerned authorities, and that also gives him a kind of strength, and already began work on creating a database that includes all Iraqi money abroad, and a form was prepared and sent to all ministries, institutions and governorates about what is Exists of money from Kh Shake the country

Before the occupation of Kuwait.

He pointed out that everyone knows that Iraq and after the occupation of Kuwait, all its money abroad was frozen in Security Council resolutions 660 and 661, whether they are official or people related to the former regime. For example, Iraq had a contract with Italy concluded in the end of the eighties to establish a naval war fleet of 11 ships worth One billion and 350 million dollars were delivered to the Italian side, in the form of oil and other cash.

He continued: The contract was lagged due to the issue of Kuwait and was postponed and not implemented and the money received from the Italian side and the ships were not delivered to Iraq and after that they were sold by Italian specialized companies to another party and despite that the Italian side filed a lawsuit against Iraq for the damage after 2003 and then Iraq delegated

Lawyers to restore his right.

And he added: There is another contract with Spain worth 11 million dollars in agreement with the Ministry of Industry to provide Iraq with various industrial materials, which was not implemented also due to the Kuwait war and was recently discussed with the Spanish side, who confirmed his willingness to pay the money but in the form of goods, noting that contact was made with the Ministry Industry and now we are in the process of importing goods to the ministry of the amount, disclosing that his department has a database and statistics for 55 city-states in Iraq.

He emphasized that the work team that was formed in the year 2017 worked to amend the law of the money-back fund and the orientation had to be in the Integrity Authority and transferred the priorities of the recovery team to the fund, including statistics in the amounts that belong to Iraq in the hands of 55 countries as a result of contracts concluded before Iraq’s occupation of Kuwait and the establishment of a base Data includes all Iraqi money abroad.

He added: that a form has been prepared and sent to all ministries, institutions and governorates about what is available from money outside Iraq, especially since the money claimed by Iraq is not documented and is not corporate money and it is concluded contracts that were not implemented and tired because of the Kuwait issue, stressing that the estimated number of these amounts is estimated at 84 One billion and 291 million dollars, in addition to two billion and 337 million euros, and approximately one trillion and 326 billion dinars, indicating that the fund is currently working to ensure that information in these debts does not intersect between ministries, governmental institutions and governorates.

https://www.shafaaq.com/ar/اقتصـاد/العراق-يسعى-لاستحصال-قرابة-90-مليار-دولار-له-بذمة-55-دولة/

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25 minutes ago, yota691 said:

stressing that the figure speculative for these amounts is estimated at 84 One billion and 291 million dollars, in addition to two billion and 337 million euros

 

26 minutes ago, yota691 said:

87 billion as an initial appraisal amount due to 55 countries that had contracted with it prior to Iraq’s occupation of Kuwait to form a contract with that same value goods.

 

27 minutes ago, yota691 said:

recovery of assets and international cooperation as a restitution department

 

28 minutes ago, yota691 said:

the commission started working in this field, as it is Iraqi money that must be worked on.

 

29 minutes ago, yota691 said:

considering that it includes all the concerned parties as well as that gives him a kind of strength, and actually began work on creating a database that includes all Iraqi money abroad

 

30 minutes ago, yota691 said:

existing funds outside the country before the occupation of Kuwait.

I know i might be grasping at straws here , but with Iraq ,and the international translation,  you kind of need to read between the lines .

this sure reads as though ,Iraq is looking to get it`s money back and get it back to the original value before they stormed over to kawait !

{ any one  know of what value the oil for food , or material for oil  was at ? as in  was it 1 to 1 value ?  if my memory serves all of us well here ,  wasn`t  oil getting taken out at 45.oo  a barrel at one time for food ? }  that  might have been a case that has been completed as soon as the release from chapter 7 and the oil for food was cancelled ...

that last paragraph sure  sounds  very VERY   good for dinar values to rise too,  a buying power that was aliened with the dollar or the euro  

                                                             following this topic  ---------> bring on the 1 to 1 bayyyyybeeeeee  :eat:

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Check Maliki's bank account....I am sure he can cover it!

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55 countries say they won't pay because their so-called god says in war the winner gets the treasure. Looks like Iraq is S-O-L. The moral of the story is that if you go invading other countries, make sure you can damn well win and no one bigger than you can come knock you back on your bum.

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Parliamentary Integrity calls for a campaign against corruption with international support

 
Baghdad / conscious 
 
 
The Integrity Committee in the House of Representatives revealed a detailed study of a major campaign against corruption and the recovery of smuggled money in coordination with friendly countries.
"The Integrity Committee submitted a detailed study to the Supreme Council for Combating Corruption to implement a major campaign against corruption, which includes the recovery of money in cooperation with friendly countries and countries with which we have oil contracts for the purpose of recovering it," member of the committee Yusef al-Kalabi said in a statement to the Iraqi News Agency (INA). The deputy pointed out that the current legislation is difficult to get the money back, just as the Iraqi Penal Code is a civil law that does not focus on financial penalties, stressing the need for legislation stating that the accused of stealing money is not released until after the money in which the accused is fully paid. In cooperation with the House of Representatives and the Integrity Committee, the Recovery Law was amended, which dealt with many problems with various countries over debts of companies contracted with before 2003. "
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Oh yeh. I have a vietnam war debt i want to settle with the us Gov

i am owed 2857 oz of gold @35 per oz =100,000 dollars. But i want

my 2857 oz of gold @1465 =4,185,505. today. Wow that was a great contract.

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$87 billion dollars .... Iraq get what you can.!

With 10% of that amount you can start rebuilding the country 

 

 

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The Iraqi government revealed the total value of its debts owed to 55 countries, which date back to before 1990, during Iraq’s entry into Kuwait, and the economic blockade and international sanctions it imposed on Baghdad.

While economists and legal experts stressed "the difficulty of recovering these funds," noting that "some of them need courts or settlements that require years to settle them, while others offer other options by replacing them with infrastructure and reconstruction projects."
 
The Funds Recovery Department at the Integrity Commission estimated the money owed by more than 87 billion dollars, pointing out that "Iraqi laws authorize the Fund for the Recovery of Funds and the Recoveries Department, which was formed in 2011 at the Integrity Commission, to work to recover it.
 
And the recovery department indicated, in its statements, that " Iraq’s funds , whether they are official or persons related to the previous regime, were frozen abroad by Security Council resolutions 660 and 661 after the events of Kuwait ."
 
An Iraqi official said that "the value of the money that was actually enlisted requires understandings, grievances and courts in order to recover it or implement the contract, meaning that the second party implements its obligations towards Iraq , and this matter needs several years of work and effort."
 
The official added that "most of the Iraqi debts arise from European and other countries of the Soviet Union, as well as countries in Latin America, and there are problems in recovering difficult dues, such as those registered in Yugoslavia, which have no effect today."
 
Among the contracts concluded by Iraq , the contract with Italy at the end of the eighties, to establish a naval war fleet of 11 ships valued at $ 1.35 billion, and the Italian side was delivered value in the form of oil shipments and cash, while Iraq did not receive the ships, and then they were sold by Italian companies Specialized to another authority, according to the data of the Recovery Department in the Integrity Commission.
 
The authority pointed out that "the Italian side, despite receiving the value of the contract, filed a lawsuit against Iraq for damage after 2003," adding that "there is another contract with Spain worth $ 11 million with the Ministry of Industry, to provide Iraq with various industrial materials that were not executed, and there Understanding about its willingness to pay the debt in the form of goods for Iraq. "
 
According to the government official, "The file as a whole is postponed to the next government and depends on the stability of the Iraqi situation, but several countries such as Spain, France and Brazil have expressed their cooperation, and others like Jordan and Lebanon are moving diplomatically with them, while legal procedures are being followed with others such as Greece, Pakistan and India."
 
He said, "The file is thorny and not easy, and Iraq is seeking to obtain its right, whether by returning the funds, implementing what was agreed upon at the time, or replacing Iraq's dues with projects specified by Iraq, not the debtor countries."
 
He added that " Iraq's debts on these countries require long-standing and influential law firms in the West, which are usually found in New York and London."
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12,279 views

The Iraqi government revealed the total value of its debts owed to 55 countries, which date back to before 1990, during Iraq’s entry into Kuwait, and the economic blockade and international sanctions it imposed on Baghdad.

While economists and legal experts stressed "the difficulty of recovering these funds," noting that "some of them need courts or settlements that require years to settle them, while others offer other options by replacing them with infrastructure and reconstruction projects."
 
 
The Funds Recovery Department at the Integrity Commission estimated the money owed by more than 87 billion dollars, pointing out that "Iraqi laws authorize the Fund for the Recovery of Funds and the Recoveries Department, which was formed in 2011 at the Integrity Commission, to work to recover it.
 
And the recovery department indicated, in its statements, that " Iraq’s funds , whether they are official or persons related to the previous regime, were frozen abroad by Security Council resolutions 660 and 661 after the events of Kuwait ."
 
 
An Iraqi official said that "the value of the money that was actually enlisted requires understandings, grievances and courts in order to recover it or implement the contract, meaning that the second party implements its obligations towards Iraq , and this matter needs several years of work and effort."
 
The official added that "most of the Iraqi debts arise from European and other countries of the Soviet Union, as well as countries in Latin America, and there are problems in recovering difficult dues, such as those registered in Yugoslavia, which have no effect today."
 
Among the contracts concluded by Iraq , the contract with Italy at the end of the eighties, to establish a naval war fleet of 11 ships valued at $ 1.35 billion, and the Italian side was delivered value in the form of oil shipments and cash, while Iraq did not receive the ships, and then they were sold by Italian companies Specialized to another authority, according to the data of the Recovery Department in the Integrity Commission.
 
The authority pointed out that "the Italian side, despite receiving the value of the contract, filed a lawsuit against Iraq for damage after 2003," adding that "there is another contract with Spain worth $ 11 million with the Ministry of Industry, to provide Iraq with various industrial materials that were not executed, and there Understanding about its willingness to pay the debt in the form of goods for Iraq. "
 
According to the government official, "The file as a whole is postponed to the next government and depends on the stability of the Iraqi situation, but several countries such as Spain, France and Brazil have expressed their cooperation, and others like Jordan and Lebanon are moving diplomatically with them, while legal procedures are being followed with others such as Greece, Pakistan and India."
 
He said, "The file is thorny and not easy, and Iraq is seeking to obtain its right, whether by returning the funds, implementing what was agreed upon at the time, or replacing Iraq's dues with projects specified by Iraq, not the debtor countries."
 
He added that " Iraq's debts on these countries require long-standing and influential law firms in the West, which are usually found in New York and London."
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