The latest corruption news from Iraq – company or government bribes, theft, stealing – brought to you by Iraq Business News
Officials in the Ministry of Electricity are involved in the theft of millions of dollars of fuel intended for power stations, an MP from the ruling National Coalition told AKnews on Saturday. Susan al-Saad said that the tankers used to transport fuel to power plants across the country regularly go missing, and that this would […]
On Wednesday a number of currency dealers in southern Iraq’s Nassirya City reported the spread of a new counterfeit 10,000-dinar notes, according to Aswat al-Iraq. “We have noticed the existence of a false 25,000-dinar currency in the market, being cautious against it, but a new false 10,000-dinar note, with a very close print to the […]
Iraq has committed to providing accurate figures about its oil revenues by agreeing to verify details of its oil industry with the Extractive Industries Transparency Initiative (EITI). Eddie Rich, deputy head and regional director of the Extractive Industries Transparency Initiative (EITI), told RFE/RL's Radio Free Iraq (RFI) on June 24 that Iraq "is in the […]
The Italian oil company Eni, and its Saipem subsidiary, said in a statement Wednesday that they are the injured parties in an investigation into alleged bribes related to contracts in Kuwait and Iraq. BusinessWeek says Milan prosecutors are investigating whether executives took bribes from Italian engineering and construction firms for subcontracts in Iraq's Zubair oil […]
By T. Keyzom Ngodup, co-founder and Executive Director at Ideas sYnergy, an Iraq based private sector development consulting company. IRAQ INSIGHTS, published by Ideas sYnergy, aims to consolidate and build intellectual capital on private sector development, empowering stakeholders to address issues of access and structural reforms on a diverse range of topics impacting inclusive economic […]
Iraq’s Integrity Commission announced on Sunday that 479 people convicted of fraud were required to return 1.7 billion Iraqi dinars [$1.4 million] to the State Treasury. “The number of persons, convicted by special courts at the investigation offices in Baghdad and other Iraqi provinces, have reached 479 persons, most of them in Baghdad and Thi-Qar […]
Osama al-Nujaifi, the Iraqi parliament speaker, has told Al Jazeera that the amount of Iraqi money unaccounted for by the US is $18.7bn - three times more than the $6.6bn we reported last week. Al-Nujaifi is scheduled to visit the US soon and discuss the missing Iraqi billions. He said that he received a report […]
The exiled former head of the Trade Bank of Iraq (TBI), Hussein Al-Uzri [Hussein al-Azri], has denied allegations of corruption and mis-management in a telephone interview with Reuters. "It's about control of this bank," the U.S.-educated banker, aged 48, told the news agency in his first media interview since fleeing Iraq. "Having control of the […]
The Los Angeles Times reports that theft has not been ruled out by auditors trying to trace $6.6 billion [7.9 trillion Iraqi dinars] of missing cash. A total of $12 billion in shrink-wrapped bricks of $100 bills was flown to Iraq in 2003 and 2004 to pay for public services, contractors, and general reconstruction. More […]
Iraq's Prime Minister, Nuri al-Maliki, has appointed Hamida al-Jaf as head of the state-owned Trade Bank of Iraq, replacing Hussein al-Uzri amid investigations into alleged corruption, the bank’s deputy director general said. “The Trade Bank of Iraq is operating normally and people have confidence in the bank,” Deputy Director General Abdel Hadi Sadeq Abdel Mahdi […]
The discovery of two fake contracts in which officials from Baghdad municipality were involved has shed new light on the extent of corruption in the country, according to a report from Azzaman. The municipality claims that two of its senior officials were involving in doctoring two $164 million contracts for the construction of sports stadiums […]
Following Thursday's raid on the offices of the Trade Bank of Iraq (TBI), CNBC reports that Iraqi authorities have issued an arrest warrant for the head of the bank, which is under investigation for alleged irregularities. An Iraqi government source said Hussein al-Uzri, president and chairman of the bank, had fled to Lebanon. He reportedly […]
