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Clare » March 8th, 2025
Iraq extradites suspects in ‘theft of the century’ from Kuwait
3/8/2025
The Iraqi Integrity Commission announced on Saturday the extradition of two of the a*****d in the case of stealing tax deposits, known in the media as the “theft of the century”, from the authorities in the State of Kuwait.
The Authority stated in a statement today that it was able to recover the managing director of a private company for general trade and contracting limited and his agent a*****d in the case of stealing tax deposits, noting that their role in the case was to receive very large sums of money in order to facilitate the procedures for disbursing the stolen deposits.
The Authority noted its procedures that resulted in the extradition of the a*****d, which consisted of organizing an extradition file against them and sending it to the Public Prosecution Office, explaining that after follow-up and coordination with the relevant authorities, including the Arab and International Police Directorate at the Ministry of Interior and the efforts of the Iraqi Embassy in the State of Kuwait, an international red notice and search warrant were issued against the a*****d.
She pointed out that they were arrested in the State of Kuwait, which handed them over to the Republic of Iraq through diplomatic channels.
She pointed out that the judge of the Second Karkh Investigation Court had previously issued an arrest warrant against the a*****d, based on the provisions of Article (11/444) of the Penal Code, after reviewing the testimony of some of the a*****d in the case and the witnesses.
At the end of 2024, the Iraqi judiciary issued an in absentia prison sentence for a number of defendants a*****d of stealing tax deposits, known in the media as the “theft of the century,” including the first defendant, Nour Zuhair, and a former MP.
According to a judicial source, who spoke to Shafaq News Agency, “The Karkh Criminal Court for Combating C********n settled the cases related to the theft of (tax deposits), and issued sentences of ten years in prison against the a*****d Nour Zuhair, six years in prison against the a*****d Raed Juhi, and a number of employees who participated in the crime, and three years in prison against the former member of the House of Representatives, Haitham Al-Jubouri.”
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In 2022, it was announced that more than 3 trillion Iraqi dinars ($2.5 billion) had been lost from tax deposits, through a coalition of 5 oil companies using fictitious bonds.
Following this, an order was issued to summon officials close to former Prime Minister Mustafa Al-Kadhimi, including Finance Minister Ali Allawi, the Director of the Prime Minister’s Office, Raed Juhi, and others.
On October 24, 2022, Nour Zuhair was arrested, as he heads the board of directors of one of the companies involved in the case, and was later released on bail, after Prime Minister Mohammed Shia al-Sudani announced the recovery of 5% of the amount, in exchange for Nour Zuhair’s pledge to hand over all the stolen amounts within days.
The Anti-C********n Court set August 14, 2024 as the date for Nour Zuhair’s trial, but the trial was postponed several times due to the defendant’s absence. LINK
Al-Alaq: We will witness a comprehensive digital transformation in the financial sector
3/8/2025 Baghdad
The Governor of the Central Bank, Ali Al-Alaq, announced on Saturday that banks are close to being converted into smart platforms using artificial intelligence, noting that Iraq will witness a comprehensive digital transformation in the financial sector.
Al-Alaq said in a statement reported by the official news agency, and reviewed by “Al-Eqtisad News”, that “despite the great strides that have been made to activate electronic payment methods, which are a fundamental step in the digital transformation, we will soon put this stage behind us, because even the current electronic payment methods and tools are being changed and developed very quickly.”
He pointed out that “soon we will notice a big difference in the tasks and functions of banks, and we will see many banks changing the nature of their work, and there will be a digital financial identity for every citizen through which he can conduct many operations in his accounts or check his balances or even invest inside and outside Iraq,” stressing that “banks will soon turn into smart platforms that organize financial operations and benefit from technologies and artificial intelligence.”
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He added that “this great work is accompanied by the work of the Central Bank, like other central banks, in thinking about having a digital currency under the supervision of the Central Bank. We are not talking about encrypted currencies that are outside the framework of central banks, but rather about a digital currency issued by the Central Bank, and this is a major work being done in the Central Bank in coordination with international and Arab organizations and specialized bodies, and directly with the Arab Monetary Fund.”
He continued: “We believe that this trend will be the one that will be imposed in the near future, and this represents solutions to major economic, financial and social problems, and will also establish a strict framework for monitoring funds and limiting c********n, money laundering and financing t*******m, because all financial movements will be within a strict and transparent system that can monitor all financial operations, and at the same time facilitates its holders to conduct extensive operations even in other countries of the world.”
He added: “We expect that young people will benefit, through the tools and human resources that we have, from these tools. Indeed, we are following that many young people are investing through these portfolios and tools in various fields outside Iraq, but some need to be careful and cautious because there is a lot of fraud that occurs, and we are working to prevent citizens from falling v****m to any fraud.” LINK
Source: Dinar Recaps
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