Samson » October 16th, 2022
Integrity clarifies the circumstances regarding the theft of 3.7 trillion dinars
16th October, 2022
The Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than (3.7) trillion Iraqi dinars from the General Tax Authority, and the publication of a book by the Ministry of Finance entitled to the authority.
The authority, while talking about the book circulated by some media and social networking sites and issued by the Ministry of Finance entitled the Integrity Commission, stated that the authority confirms that the case has been investigated and is now before the judiciary, and it will accompany the information contained in the Ministry of Finance’s book after it is organized according to Minutes with investigative papers and deposited with the judiciary; for the latter to issue the appropriate decisions against the defaulters.
She added that the judiciary had previously issued summon orders against senior officials in the ministry regarding the loopholes that led to this major breach and the terrible abuse of public money, pointing out that the letter of the Ministry of Finance, which the authority was surprised to see leaked to the media, reached the authority at the end of the official working day on Thursday, corresponding to the third The tenth of this October, calling on the ministry to investigate the leakage of its book entitled to the commission.
The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars. LINK
Human Rights Center: The amount that was stolen from the secretariats of the Tax Authority will build 4,000 schools
16th October, 2022
The Vice President of the Strategic Center for Human Rights in Iraq, Lawyer Hazem Al-Rudaini, revealed that the sum of the two and a half billion dollars that was stolen from the General Authority for Taxes’ trust account in the Rafidain Bank is enough to build 4,000 modern schools
Al-Rudaini said in a statement, “The Iraqi citizen is beginning to not comprehend the amount of thefts that are taking place in the country,” noting that “if these numbers are converted into services, this amount is sufficient to build four thousand modern schools, or build forty thousand apartments that match Samaya’s apartments, or build a power station that suffices.” To equip three governorates instead of importing them from neighboring countries, or to pay the salaries of all employees, retirees and the social protection network for a whole month
He called on the Supreme Judicial Council, the government and the Integrity Commission to “swiftly take legal measures against everyone involved in stealing this huge amount and to preserve public money, and we demand that all measures be announced publicly LINK
Expert: The stolen amount represents the tax authority’s revenue for 10 years
16th October, 2022
A professor of economics at Basra University, Nabil Al-Marsoumi, confirmed on Sunday that the stolen money from the Tax Authority is equivalent to the authority’s revenues for 10 years, and is also equivalent to half of Syria’s budget
A few days after the resignation of the technical finance minister, financial and banking specialist, professor at Harvard University, and expert in the World Bank, this man filled Iraq with his white paper and occupied the Iraqis a lot by devaluing the Iraqi dinar exchange rate while trying to reform the Iraqi economy at a time when he was unable to reform his ministry, which it has become the source of corruption in Iraq
Al-Marsoumi said in a post on his Facebook page that “the Minister of Oil, who performed the duties of the Minister of Finance, was not well versed or expert in the world of finance and banking, but he discovered the largest theft in the history of Iraq, worth 3.7 trillion dinars from the trust account of the Tax Authority in the Rafidain Bank by editing 247 checks to five Contracting and oil services companies from September 2021 to August 2022, through which this large amount of money was delegated from the account of the General Authority for Taxes to these companies
He added, “The strange thing in the matter is the short period of time during which the amounts were transferred to these companies, which amounted to only 11 months, in addition to the fact that whoever discovered corruption was exempted by Parliament from the duties of the Deputy Minister of Finance, and that the one who signed the book proving the existence of this theft He was the Director General of the Legal Department of the Ministry of Finance, and he was not from a high-level group or any of the specialized financial and banking cadres in the Ministry of Finance
He explained that “the large size of the stolen or wasted amount, which may represent tax revenues for 10 years, which is equivalent to approximately half of Syria’s budget for 2022, puts us in front of several possibilities.
The second is that the amount was invested by the five companies in collusion with some employees of the Tax Authority and the Rafidain Bank. The third is that we are in front of an Indian movie that we have not seen before, and politics may play a major role in this scandal, which will enter the Guinness Book of Records LINK
Against the background of the theft of 3.5 trillion .. the judiciary issues an order to stop the disbursement of tax deposits
16th October, 2022
On Sunday, the Iraqi judiciary issued an order to stop the disbursement of tax deposits by the Ministry of Finance, against the background of the theft of 3.7 trillion dinars.
According to a document issued by the Presidency of the Baghdad / Al-Karkh Appeal Court, the second Karkh Investigation Court, dated August 21, seen by Shafak News Agency, the court informed the Office of the Minister of Finance to stop disbursing customs and tax deposits. She indicated that this matter came until the completion of the investigations and fundamental scrutiny of the case.
Earlier today, the Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than 3.7 trillion Iraqi dinars from the General Tax Authority.
The commission indicated that the case was investigated and is now before the judiciary. It will accompany the information contained in the Ministry of Finance’s book after organizing it according to minutes with the investigative papers and depositing it with the judiciary. For the latter to issue the appropriate decisions against the defaulters.
She added that the judiciary had previously issued summoning orders against senior officials in the ministry regarding the loopholes that led to this major breach and the outrageous abuse of public money.
Representatives and officials had previously revealed an estimated 3.7 trillion Iraqi dinars theft from the General Tax Authority, and investigative committees were formed, in turn, confirming the theft. LINK
The presidency of the Iraqi parliament vows to hold accountable those involved in the theft of two and a half billion dollars
16th October, 2022
Mohsen Al-Mandalawi, the first deputy speaker of the Iraqi parliament, vowed on Sunday to hold accountable those involved in stealing two and a half billion dollars in tax funds in Al-Rafidain Bank.
Al-Mandalawi said in a tweet on the social networking sites “Twitter” today, that what happened from the “looting” of the funds of the General Tax Authority, and the withdrawal of (2.5) billion dollars from the Rafidain Bank, will not pass easily. He pointed out that there is an upcoming account for all those involved in the process that is intended to demolish the state, destroy its economy and spread chaos, stressing that the House of Representatives will have a strict stance in the coming days.
For its part, the Parliamentary Integrity Committee announced that it had followed up the reports received about the process of losing an amount of 3.7 trillion Iraqi dinars from the General Tax Authority’s trust account in the Rafidain Bank.
Committee member Vian Dakhil said in a statement today, that the committee will hold an extraordinary and urgent meeting, in which it will summon the Acting Minister of Finance, exempted Ihsan Abdul-Jabbar, Deputy Minister of Finance and General Director of the Tax Authority, the former and current, and the general manager of Rafidain Bank, as well as hosting the head of the Integrity Commission and the authorities.
All concerned and responsible, in order to verify the reasons for the loss of this huge amount. She noted that the committee will announce the results of summoning and hosting to public opinion immediately after the meeting, and will continue to monitor all investigation procedures.
On Saturday, Acting Finance Minister Ihsan Abdul-Jabbar announced the theft of an estimated two and a half billion dollars in tax funds from the Rafidain State Bank. Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, “The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance.” He pointed out, “The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group.”
Abdul-Jabbar added that “it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media.” The Minister of Oil said, “We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money.”
Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency.
In mid-August, the Iraqi Prime Minister, Mustafa Al-Kazemi, assigned Oil Minister Ihsan Abdul-Jabbar with the tasks of managing the Ministry of Finance as an agency. The decision to assign came after the approval of the resignation of Finance Minister Aslah Ali Abdul Amir Allawi.
Yesterday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman to the component as the acting Iraqi Minister of Finance, instead of Ihsan Abdul-Jabbar, who occupies this position as acting in addition to being the original Minister of Oil. “We congratulate Tasnam, the first Turkmen woman of a sovereign ministry,” Turan said in a brief statement. He added, “Ms. Hiyam Neama Koberlo is the Acting Minister of Finance.”
It is noteworthy that the Parliamentary Integrity Commission has attached its statement with documents confirming the theft of an amount of two and a half billion dollars. Shafak News Agency, published by my agencies: LINK
Al-Rafidain Bank distances itself from the issue of stealing billions of dinars from the tax account
16th October, 2022
On Sunday, Al-Rafidain State Bank distanced itself from stealing more than 3 trillion Iraqi dinars from the account of its General Tax Authority.
In a statement received by Shafaq News Agency, the bank’s media office confirmed, in response to what is being circulated regarding the theft of sums of money from the account of the General Tax Authority in Rafidain Bank, that it “has nothing to do with any manipulation or theft that is being talked about, and that his task was limited to disbursing the bonds of the General Tax Authority from its branches after verifying the validity of their issuance in official letters between the bank and the authority. He explained that “what is being talked about recently is an issue related to the General Authority for Taxes and their bank accounts.”
Al-Rafidain Bank stressed, “not to steal any sums of money from its branches, and indicates that it is committed to the mechanisms related to the anti-money laundering and terrorist financing law, and that the whole issue is being examined by the judiciary, and that the bank continues to cooperate with the competent authorities to reveal the facts.”
The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars.
Prime Minister-designate Muhammad Shiaa al-Sudani commented on the incident and said, “We will never hesitate to take real measures to curb corruption, which has brazenly spread in the joints of the state and its institutions.” ? He continued, “We have put this file in the first priority of our program, and we will not allow the Iraqis’ money to be stolen, as happened with the funds of the General Tax Authority’s trusts in the Rafidain Bank.”
Today, Sunday, an Iraqi lawyer submitted a request to the Public Prosecution Authority to prevent the travel of Prime Minister Mustafa Al-Kazemi and his government team outside the country until the completion of the investigation procedures on charges of financial and administrative corruption. LINK
Source: Dinar Recaps
The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank LINK
MilitiaMan » October 16th, 2022
There is a 15 page pdf file on this subject out from the CBI in Arabic. It goes into detail for letters for credit and guarantees. All of it on and about their electronic platform.. They are readying to get this country into an international environment for trade.
The likes of the World Bank, International Monetary Fund, US Treasury, American Chamber of Commerce, etc.. of late are all about moving forward and apparently finalizing necessary formalities. The document is instructions on the implementation and rules of the platform, letters of bank credits and guarantees.
All items are looking to be in place now or at least well underway.. A good thing.. imo ~ MM
KandG » October 16th, 2022
Thanks MM – what are your thoughts about all of the instability that is now occurring based on multiple articles today. Do we really think the CBI will act under these conditions. Seating a government and seating this train wreck are 2 separate things. Will the CBI choose to ignore the politics which we have been taught – in order to releive the pressure of the UN, WB, etc – assuming their pressure is really being applied for the good of the Iraqi citizens ?? Inquiring minds would like to know your thoughts on these specific points. IMO
MilitiaMan » October 16th, 2022
Just because one feels the circumstances are a “train wreck”, may not be the case at all. Once the voted the president and then the PM we watch for a seated cabinet.. There is nothing to say that is not underway nor going to be postponed. They gave a within time frame. The authority on the matter has not spoken to a date specific. A deputy apparently has stated end of next week.
As I pointed out today, they are in consistent with news and likely on purpose to keep things specific to be on the backfoot if you will. Something Dr Shabibi told us would happen at the end.
Kuwait had no running water nor electricity when they RI’d. They have a President and a PM working to sort the cabinet while today there is a new Finance Minister in her office while the deputy is in WDC with the World Bank, IMF, UST, US Chamber of Commerce…
The CBI is independent don’t forget.. The meetings are all about electronic platforms and letters of credit and guarantees.
The meetings are likely final training on the new system.. They are not going to drop off a new electronic system and not train them on the rules and regulations and processes.. That would be like bringing a new MRI machine to a hospital and drop it off with out instructions.. lol
Getting the purchase power is all about the citizens. My contact source “a Doctor” from Iraq tells us that the citizens are happy and expectant of a rate change..
So, there are my thoughts.. I am in a good place as I understand it to be, it is not all about Iraq.. It is far bigger than that and it is definitely underway and we see evidence in the aforementioned articles too. imo.. ~ MM
There is nothing politically incorrect about calling something a train wreck. Call it for what it is.. The thing that gets me is many do try and bring in links to support the good side of things and even the bad side of things.. I would bet if I were to go to articles and look for all the negative things that can be found in them and then focused in on them and put that negative focus into the forum, there would likely be mayhem.
I can see where people see things after 10-15 years or more of things not having happened yet. There is laundry list of reasons why to that, that are very valid to support the why they haven’t changed the exchange rate yet. For instance. ISIS, Spichter massacre, new electronic digital systems coming on line, political shifts, Iranian influence, Covid-19, Oil shocks, etc..
All of this things are in articles and support that what I am saying is and are very real. I get the frustration just as much as anyone, however, I get the positives too, and when we can clearly see the positives unfolding before us, it is surprising to me to see such frustrations and the negativity.
The atmosphere I see leads me stay with those items of positivity. This is not all about Iraq, but, it has an Iraq centric component to it be sure. Iraq is a very wealthy country and in the global scheme of things, she is a necessary component to help fix the financial system before us..
Iraq knows that they are a key player, not the only player. What we have witnessed from and by the pressures from the UN, IMF, WB, UST, etc.. are all focused on a legitimate government and reforms to be completed for the citizens and to interconnect with the international markets via electronic platforms.
True, there are many that don’t want change.. Those that are a part of the cash cow of corruption know if they lose that? They likely will lose immunity from the circumstances they see before themselves. That is likely t obe life threatening for some. Hence, the extreme push back to not get reforms done..
With what we see with the push now to get the GOI off and running is a very good sign that should actually be a breathe of fresh air. Even with the Coordination Frame work influence. Sadr has told the UN and the Frame work that corruption is on watch for the next six months.. The man may have not taken a seat that helm in the GOI, but, he can easily throw cross currents in the millions of supporters on the street and quickly. We can see that there is a peaceful side to the street now, thus likely what Sadr did was not a mistake, but a tactical move that was agreed upon by the whole..
Global expectation is very high for Iraq and the world to interlink with electronic trade on platforms.. That will take an international Article 8 compliant currency.. That is what the world expects and likely to have been the focus of the past few days in DC… Follow the money… There is going to be much afloat here on out.. imo ~ MM
Source: Dinar Recaps
Samson » October 16th, 2022
In flagrante delicto.. A woman was arrested in possession of a forged sum of money in Baghdad
Agency of the Ministry for Police Affairs – Najda Police Directorate Baghdad
Under the follow-up and supervision of the Director of Police Najda Capital, Baghdad, Major General Sabah Abdul Hassan Al-Rubaie, Al-Ghazaliya patrols were able to arrest a woman and seized a counterfeit currency denomination (25,000).
He went to her whereabouts, arrested her, and seized a sum of money (350 thousand dinars) in her possession. LINK
Announcing the imminent opening of the first factory for the production of Toyota cars in Iraq
16th October, 2022
The director of the Jubbah Municipality Department in Anbar Governorate, Qatar Al-Obaidi, revealed on Sunday the imminent opening of the first factory for the production of Japanese Toyota cars in the province.
Al-Obaidi said in a statement to the “Information” agency, “The Governor of Anbar, Ali Farhan Al-Dulaimi, held negotiations with the Japanese Toyota Company in order to transfer one of its production plants in Japan to the 18 km area west of the city of Ramadi to meet the needs of the province and other provinces of Japanese cars with a prominent mark ( Toyota).
He added, “A delegation from the Japanese company Toyota made contacts with the governor of Anbar to establish the first factory for the production of Japanese Toyota cars in Anbar, after choosing the location of the plant and designing it according to the requirements of the concerned company.”
Al-Obaidi explained, “The Governor of Anbar, Ali Farhan Al-Dulaimi, will visit Japan next week in order to put the final touches to sign a contract for the production of Toyota cars in Anbar, in a step that is the first of its kind in Iraq,” stressing that “the concerned company informed the local government in Anbar its willingness to fill the governorate and other governorates need Japanese Toyota cars.”
It is noteworthy that a number of delegations of Japanese investment companies visited Al-Anbar province earlier and were briefed on investment opportunities and expressed their willingness to work in the province’s cities. LINK
Mazhar Muhammad Salih: The financial surplus will reach $20 billion within 60 days
15th October, 2022
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected, on Saturday, that Iraq will achieve a financial abundance that may reach 20 billion dollars during the next two months.
And Arab media quoted Saleh as saying that “Iraq’s foreign reserves may reach 90 billion dollars at the end of this year, and most of these reserves are for the Central Bank, as a cash cover for the Iraqi dinar.”
He described the central bank’s foreign currency investment portfolio as a “sovereign fund or quasi-fund.”
He also called for the establishment of what he described as the “Generation Fund”, adding: “The establishment is one of the savings in the general budget, which may reach the end of this year 15 to 20 billion dollars, which must be invested after the issue is legally adapted, through the Reconstruction Council, especially in projects Infrastructure and productive activities to bring about a renaissance in the Iraqi economy. LINK
Source: Dinar Recaps
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