$34 Million 'Missing' from Iraqi Accounts

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)

3 Responses to $34 Million 'Missing' from Iraqi Accounts

  1. taz kashan 24th February 2011 at 02:23 #

    hi there please can you Confirm 34 million or 40 billion,its huge diffrents about what you saying here and what other media saying ,many thanks

  2. Monette Grindley 25th February 2011 at 14:52 #

    Reading the Iraq news is interesting.

  3. Editor 28th February 2011 at 09:40 #

    We understand that the correct amount is $34 million, as we reported, which is equal to about 40 billion Iraqi dinars. It appears that some other news sites mistook dinars for dollars (as can happen with automatic translation). If we receive any contrary information we will publish it immediately.

    - Editor