Seven years after the invasion that ousted Saddam Hussein, Iraq largely has been unable to revamp business laws that would help make the country more attractive to investors, according to a report from Bloomberg. “Investors still note security concerns, but now are more likely to cite regulatory hindrances and other practical barriers to doing business,” […]
Tag Archives | Corruption
The latest corruption news from Iraq – company or government bribes, theft, stealing – brought to you by Iraq Business News
Refinery Boss Resigns Following Threats
Dr. Ali al-Obaidi, who has been in charge of Iraq's Baiji refinery since 2007, has reportedly resigned from his position, having successfully slashed the level of theft from the facility. He had initially been installed as part of a joint U.S.-Iraqi corruption crisis team. According to Iraq Oil Report, the man credited with reducing theft […]
$42m Fine For Security Company
Xe Services, the private security company formerly known as Blackwater Worldwide, has reached an agreement with the State Department for the company to pay $42 million in fines for hundreds of violations of United States export control regulations, according to a report in the New York Times. But by paying fines rather than facing criminal […]
US Contractor Investigated for 'Overcharging'
Federal prosecutors in the U.S. are investigating whether a major contractor overcharged the government. They are investigating allegations that the Louis Berger Group (LBG) submitted inflated invoices to the U.S. Agency for International Development (USAID), which oversees international development projects. The company works in countries including the U.S., Iraq, Afghanistan and India. LBG's Chairman, Derish […]
Tags: Corruption, Louis Berger Group
Iraqi Civil Society Joins Government-Led Transparency Initiative
By Ali Al-Mawlawi, Iraqi Institute for Economic Reform The Iraqi Ministry of Oil hosted a symposium on Sunday as part of efforts to include Iraqi civil society organizations in the Extractive Industries Transparency Initiative (EITI). The event was organized by the head of the Iraqi EITI, Alaa Mohie El-Deen, and brought together NGO’s nationwide, including […]
Tags: Corruption, Oil & Gas
Freedom of Speech in Iraq
The planned second session of the new Iraqi parliament was due to be held on Tuesday, but considering the lack of progress in forming the next government, few were surprised when it was postponed. “We are postponing the session until further notice because the political entities failed to reach any agreement”, said Fuad Massum, who […]
Kurds and Baghdad in Row over Oil Smuggling
Iraqi oil officials and their Kurdish counterparts have exchanged accusations of smuggling large volumes of crude oil and by-products to neighboring Iran. There are two oil ministers in Iraq. Heading the Oil Ministry in Baghdad is Husain al-Shahristani. The semi-independent Kurdish region has its own government with Ashti Horami [Ashti Hawrami] heading the Ministry of […]
Iraq Blacklists 146 Companies and Contractors
The office of General Inspector in Iraq Ministry of Planning and Development said that 146 companies and contractors were added to their black list for submitting falsified documents, according to Al SumariaTV. Meanwhile, 4 employees were suspended for submitting false documents. An official source from the General Inspector's office said that it reassessed the official […]
Tags: Corruption
Rafidain Bank Decides Re-dealing with Werkaa Bank
Rafidain Bank statement mentioned that the official memo signed by Al-Yassery said: Basing on the work necessities and getting the approved agreements, it is decided to start working with the bank; all Iraqi official and private banks have the right to deal with Werkaa too.
No easy fix for corrupt state banks
Last month, on the occasion of Rafidain Bank’s 69th anniversary celebration, the chairman reported that the bank was looking forward to implementing its new IT system “as soon as possible.” The system, which includes the Mysis products “Bankmaster” and “Branchpower,” is supposed to increase efficiency and reduce operational risk by bringing together information throughout the […]
Did Rafidain rumors ruin record rights issue?
On March 10, the Central Bank of Iraq (CBI) announced that the privately-owned Iraqi banks will be required to increase capital to ID 250 bn (USD 213 mn) over the next three years. Each bank will have to reach an initial capital target of ID 100 bn by the end of the first year and […]
Iraq Gov’t Bank Managers Arrested, $360m Missing
Three managers of state-owned Iraqi banks have been arrested on suspicion of using bogus transfers to siphon off billions of dollars of government money to invest in private business.
Tags: Corruption