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Zebari: Government caused delay to request a further extension of the protection of Iraq's money

On: Sat 20/11/2010 8:27

Baghdad (news) .. Foreign Minister, Hoshyar Zebari said the delay in forming a government and a lack of McCann should be to find alternatives for the protection of Iraqi funds has led thus to extend the protection of funds and Iraqi assets abroad is most probable that this last extension after the departure of Iraq subject to Chapter VII.

Zebari said in a statement to the reporter (Agency news) said today that the issue of Iraqi funds in the Development Fund for Iraq DFI to protect it from loss due to lawsuits filed by people and institutions against the former Iraqi regime is one of the important issues and expressed his belief that the delay in forming the government and the lack of McCann should be in finding alternatives to the banks where the money saved to protect shares may request an extension in the request for the protection of the money likely to be Altdid This is the latest out of Iraq after the Chapter VII.

The UN Security Council issued in March 2003 its resolution 1483, which put money in Iraq DFI Development Fund for Iraq to protect it from loss due to lawsuits filed by people and institutions against the former Iraqi regime.

Iraqi official confirmed that the protection of Iraq's assets abroad are still there, but sources in the CBI said that the immunity of Iraqi funds would be lifted end of the year 2010. (AND THEY SHOULD BE LIFTED BECAUSE OF THE GOI).

The chancellor said the Central Bank of Iraq the appearance of Mohammed Saleh said that UN Security Council Resolution 1483, issued in March continues to provide protection of funds and Iraqi assets abroad, particularly the Development Fund for Iraq, opened at the Federal Reserve Bank of New York, an account that you deposit the proceeds of Iraqi oil and which are deducted from the Kuwait war compensation amounting to 5% of those returns.

It is noteworthy that this account is managed by the Central Bank of Iraq being the financial agent of the Iraqi state, and there are additional guarantees issued by the U.S. President to protect the funds of the Iraqi Central Bank in the United States of any prosecution being raised here and there against the interests of the Iraqi funds, called the Executive Order of President which is renewed annually and in force until the middle of next year.

Salih stressed that no country in the world was not exposed to their interests threatened by the judicial organs in the world.

But Iraq in particular because of its debt prior to 1990 are still exposed to some of the lawsuits here and there, which represent the various claims of creditors, whether commercial or private individuals, and that the Iraqi judicial institution facing these cases efficiently to ensure the rights of Iraq.

The Chairman of the Securities Commission in Iraq, Abdul Razak Dawood Al Saadi said Iraq under Security Council resolution regarding the stocks and funds frozen, which was released in 1990, was issued Security Council resolution 1483 of 2003, which grants legal protection of Iraqi funds deposited in the International Fund against any prosecution judicial, legal, or judgments for the benefit of third parties.

Saadi revealed as the pursuit of the Ministry of Finance and the Ministry of Foreign Affairs to raise the international protection and remove Iraq from Chapter VII and give Iraq to protect his assets abroad.

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