The Command Post - Iraq - Iraq Stashed Illegal Billions Abroad, Say Bankers

May 26, 2003

Iraq Stashed Illegal Billions Abroad, Say Bankers

Iraq illegally stashed away billions of dollars in cash from oil deals with foreign firms in Lebanese and Jordanian banks and some of the money is still there, senior Iraqi and Arab bankers said.

The government transferred most of the cash it received from companies, including possibly Western firms, to Baghdad where it was feared lost in the looting that erupted after U.S.-led forces toppled president Saddam Hussein last month.

But Iraqi government accounts still have at least $500 million in Lebanon and significantly more in Jordan while other funds are now beyond recovery in private hands, said the bankers, some of whom represented Iraq in dealing with foreign banks.

And how exactly did these funds end up "beyond recovery?"

Posted By Alan at May 26, 2003 07:58 AM | TrackBack

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It's called cash, or possibly in this case lotsa whores, stimulants and a yacht or two.

Posted by: TangoEchoXray at May 26, 2003 04:51 PM