Iraq recovers nearly 7 billion dinars, land usurped by former regime

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Iraq recovers nearly 7 billion dinars, land usurped by former regime

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2024-03-27 03:08

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Shafaq News/ The Iraqi Fund for Assets Recovery (IFAR) on Wednesday said it retrieved nearly 7 billion dinars in funds and over 300 dunums of land linked to figures from the former regime of Saddam Hussein.

IFAR deputy chief, Ayman Daoud Salman, said the fund uncovered two accounts belonging to the former Republican Guard at al-Rafidain Bank. One of the accounts contains 4.3 billion Iraqi dinars ($4.8 million), while the other is $1.9 million. Both were held by the General Railways Company.

"These funds were transferred back to the Finance Ministry's central bank account," Salman added. "Investigations led to the confiscation of 300 dunums of farmland registered to Ali Hassan al-Majid and his brothers in Kirkuk. The land was re-registered under the Ministry of Finance." 

The fund also unearthed a forgery case involving three residential properties in Baghdad previously owned by ex-army chief of staff Hussein Rashid al-Tikriti. The 2,210 square meter properties were retrieved and returned to the Finance Ministry, while those involved were referred to the Integrity Commission, Iraq's anti-corruption body.

Salman said that these decisions were issued in accordance with Law 72 of 2017, which authorizes the seizure and confiscation of assets from former regime figures. He said the process involved collaboration with relevant authorities.