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Iraq can't find $300 million taken abroad to buy weapons Update: Lebanon: Iraq Money Transfer Legal

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posted on Jan, 22 2005 @ 10:08 PM
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Some $300 million dollars earmarked to equip a Iraqi Armored division was quietly taken out of a Baghdad bank, placed in boxes, and flown to Lebanon, and is now missing. Iraqi officials are attempting to find out who ordered the money removed, and who received the money. The deal was never approved by the Iraqi cabinet, and seems to have skirted the financial controls put into place by the United States when Iraq faulted on its debt.
 

Update: Lebanon: Iraq Money Transfer Legal

BEIRUT, Lebanon - Lebanon's finance minister played down Sunday the transfer by Iraq's Defense Ministry of $500 million in cash to a financial institution in Beirut, saying he would expect such a transfer to be legal if it was made by the Iraqi government.

In southern Iraq, meanwhile, the politician demanding an investigation into Iraqi Defense Minister Hazem Shaalan's decision to shift the cash to Beirut said he was not fleeing his country. Ahmad Chalabi said he was staying despite Shaalan's threat to arrest him and turn him over to Interpol based on an old Jordanian bank fraud conviction.

Legal



sfgate.com
Baghdad -- Earlier this month, according to Iraqi officials, $300 million in dollar bills was taken out of Iraq's central bank, put into boxes and quietly put on a charter jet bound for Lebanon.

The money was to be used to buy tanks and weapons from international arms dealers, the officials say, as part of an accelerated effort to assemble an armored division for the fledgling Iraqi Army. But exactly where the money went, and to whom, and for precisely what, remains a mystery, at least to Iraqis who say they have been trying to find out.

The $300 million deal appears to have been arranged outside the financial controls designed by the United States to help Iraq -- which defaulted on its external debt in the 1990s -- legally import goods. By most accounts here, there was no public bidding for the arms contracts, nor was the deal approved by the 33-member Iraqi Cabinet.


Please visit the link provided for the complete story.


It is very interesting as this ties directly into the announcement that Ahmad Chalabi would be arrested on corruption charges. Chalabi had accused Defense Minister Hazem Shaalan of sending the money out of the country. Regardless there is some 300 million sitting around Lebanon, buying god knows what to be used god knows where. They really need to get to the bottom of this really quickly.


[edit on 1/23/05 by FredT]

[edit on 1/23/05 by FredT]




posted on Jan, 22 2005 @ 10:12 PM
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$300 million does not just disappear.......somethin's going on and it ain't an Iraqi government. I'm going to keep an eye on this one to see if/when/who/why this money ever shows up again.....



posted on Jan, 22 2005 @ 10:12 PM
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And the corruption in the new liberated "state of Iraq" is starting, let me tell you money, power equals corruption.

Iraq will have a new government and the people in Iraq like in any other country will get the short end of deal


Wait when the oil starts flowing.



posted on Jan, 22 2005 @ 10:14 PM
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Originally posted by MemoryShock
$300 million does not just disappear.......somethin's going on and it ain't an Iraqi government. I'm going to keep an eye on this one to see if/when/who/why this money ever shows up again.....


It did not really disapear, it got loaded onto trucks and flown on a chartered jet to Lebanon. I would be surprised if we see the cash again, but one of our airliners may get to see a MANPADS or something that this money buys



posted on Jan, 23 2005 @ 02:29 PM
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BEIRUT, Lebanon - Lebanon's finance minister played down Sunday the transfer by Iraq's Defense Ministry of $500 million in cash to a financial institution in Beirut, saying he would expect such a transfer to be legal if it was made by the Iraqi government.

In southern Iraq, meanwhile, the politician demanding an investigation into Iraqi Defense Minister Hazem Shaalan's decision to shift the cash to Beirut said he was not fleeing his country. Ahmad Chalabi said he was staying despite Shaalan's threat to arrest him and turn him over to Interpol based on an old Jordanian bank fraud conviction.

Legal



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