By John Lee. Iraq's Commission of Integrity has announced that a suspect in the theft of approx $2.5 billion from the Iraqi tax authorities has being extradited from Jordan to Iraq. The theft of 3.7 trillion Iraqi dinars ($2.5 billion) from the General Tax Authority's account at the state-run Rafidain Bank is sometimes referre to […]
By John Lee. Iraq has been granted membership of the Egmont Group, which focuses on exchanging information among financial investigation units combating money laundering and terrorist financing. The vote took place during the group's 29th general meeting in the United Arab Emirates on Wednesday. The meeting was attended by Deputy Chief Judge of the Court […]
By John Lee. The Iraqi Ministry of Industry and Minerals has been hit by a financial scandal with the disappearance of 120 billion dinars [$92 million] from one of its companies. An Investigation and Control Division's official, who recently moved to the General Company for the Automotive and Equipment Industry in Iskandariya [Alexandria], in Babil […]
By Lara Dihmis, for the Organized Crime and Corruption Reporting Project (OCCRP). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Central Bank Sues Executives of Private Bank Investigated by OCCRP The Central Bank of Iraq (CBI) has filed several lawsuits against the chairman […]
From The Economist. Iraq's new prime minister vows to clean up the country The puzzle for Iraq's kleptocrats was always how to spirit their stolen billions out of the country. Foreign banks have been wary of accepting large transfers from Baghdad. Taking piles of cash out by land is risky; Kurds closely watch the frontier […]
By John Lee. Iraqi Prime Minister Mohammed Shia al-Sudani has announced that 183 billion Iraqi dinars (approx. $125 million) of the $2.5 billion stolen from the bank account of the tax authorities has been recovered. He said that businessman Noor Zuhair Jassim had admitted receiving about $1 billion of the funds, and that arrangement were […]
By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund. This article was originally published by the LSE Middle East Centre. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Wealth and the Forty Thieves: Structural Enablers of Corruption with Impunity The […]
By John Lee. Iraqi authorities have arrested a businessman suspected of involvement in the theft of $2.5 billion from the country's tax agency. The man, the Managing Director of an oil services company, was detained as he attempted to fly out of Baghdad International Airport (BIAP) on a private jet to Turkey. (Source: Commission of […]
By John Lee. US-based engineering company Kellogg Brown & Root (KBR) has agreed to a settlement of nearly $14 million to resolve allegations of fraud relating to its activities in Iraq. According to a statement from the US Department of Justice, the claims resolved by the settlement are allegations only and there has been no […]
By John Lee. Media in Pakistan report that Iranian LPG has been illegally imported into the country under the guise of Iraqi product. According to Business Recorder, the latest case is one of five ships which are allegedly involved in the illegal import of Iranian LPG using a falsified declaration of origin. Pakistan's Ministry of […]
By John Lee. Swedish telecoms company Ericsson has said it is reviewing its investigation into past compliance concerns in Iraq. In a press release, the company said: "Ericsson (NASDAQ: ERIC) has received questions from media regarding past compliance related matters in Iraq. It appears media will focus on the conduct of business in unstable regions […]
By John Lee. Nineveh Criminal Court has sentenced the former director of Real Estate Registration and his assistants to ten years in prison for fraud relating to property belonging to Mosul Municipality Department. The court issued a sentence of temporary imprisonment for ten years in accordance with article (289) of Penal Code No.(111) of 1969 […]
