The Iraqi government requests the U.S. side to renew immunity to Iraqi funds another year
Hold Dr. Abdul Basit Turki Iraqi Central Bank Governor Agency and Dr. Fadel Mohammed Jawad Advisor to the Prime Minister for Legal Affairs separate meetings with each of the U.S. National Security Adviser and Deputy U.S. Secretary of State and adviser to the U.S. secretary of state in addition to the Fed and the Inspector General U.S..
According to a source for "all the news" meetings included a search in the bilateral relations between Iraq and the United States and the Iraqi government requested during the meetings of the U.S. side to renew immunity to Iraqi funds in the United States another year. LINK
The Iraqi government requests the U.S. side to renew immunity to Iraqi funds another year
TLAR: There are many independent things going on all at once. We are watching Maliki loose support and I contend that if they have an independent investigation of the election results, Maliki will loose even more support.
Read More Link On Right
We read of the eligible voters in Bagdad, only 13% voted yet they had 58% of the eligible voters ballots were cast. We know there is fraud.
We have the funds coming due in May which are extremely important to Iraq but keep in mind, this is not an either or situation, as far as the potential for currency change. Iraq can extract and bring back to Iraq any monies they are not being sued for.
Supposedly there is 800 billion of funds out there that belongs to Iraq and 140 billion of debt, leaving 660 billion unencumbered. I would love to go on that Easter egg hunt.
It has been stated in many articles that the CBI will begin the process of deleting the zeros, neither denied or admitted to by the CBI.
We know Nujaifi has his hands full trying to just get members to attend parliament and we know Kurdistan just doubled the amount of exports of their oil production not including Bagdad in the costs or profits.
The point of this is acknowledge no one thing is totally dependent on the other. Maliki is a wild card but he just became a lame duck PM. The prize for us is the currency. The rest is entertainment only. Whether they extend the DFI protection or whether they don't is not a deal breaker on our prize.
So far we are looking good. Maliki appears to think the bank is going to still drop the zeros or what would be the point of the now daily attacks on the competency of the bank or Turki and the continual accusations and finger pointing at the bank?
To us investors, the banks success is the only thing that counts. The rest is just window dressing. So personally I could care less whether these funds are open to lawsuit on 22 May or whether they are protected, because it does not change or have any material effect on whether the bank will finish this time what they have started. IMHO
DP: tlar, where did you see the $800 billion in funds that belong to iraq? I admit I don't read every article on all news sources, but I read a lot and have never seen a number even close to $800 billion.
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Tlar: 800 billion has shown up in more than a few articles. It is an estimate of the funds that Iraq had stashed in banks around the world. I'm sure someone on here will be able to find a specific article or at the very least acknowledge that they to have seen this number reported.
I would research it myself but as with most articles I read them and then go to the next. Sorry, I'm not your research kind of guy. I'm a nutcase for memorizing and recalling things I've read. You just found my weakness.
Terry: I have seen also the 800 bil thrown around, but officially they usually admit to 120-130 bil. Either way, its a lot of $. Tlar, great post. Keep em coming. I am sure I can speak for everyone that we really appreciate them.
Zul:I think the right amount was between 8 to 16 billion dollar. However, there was some confusion because it was posted as "vary between 816 billion dollar".
"...........................He estimated the central bank the size of these funds as large, there are several billion dollars are distributed in a number of countries, in addition to money the Iraqi Development Fund, which contains revenue from the sale of oil that vary between 816 billion dollars, and there is also a $ 52 billion, money belonging to the Central Bank placed in banks U.S. cover of the Iraqi currency is not subject to the decisions of the freeze .....
d6j8: The 2011 buget (which I do not have at present) shows a line item for iraq infrastructure. The dinar is listed as Bahrani dinar not Iraqi dinar .When it was shown by someone who is a pricesless resource in this investment .
It was a number far greater than I can pronouce and at the time a Bahrani dinar was worth 2.50 usd to the Bahrain Dinar. This" Resource" is known for breaking down Iraq Bugets . And the number is " Super Abundant" like 800 Billion dollars
May 1, 2013 at 5:45 PM
WEDREAM: thanks Zul its all about the dinar
May 1, 2013 Zul: Wedream :) Currently, DFI is made up of revenue from oil sales and money belonging to central banks. Most of the oil revenues are then transferred to GOI for their budget implementations. That's why we should not expect a huge amount of money in the DFI account.
However, once UNSC made the call for the return of all frozen asset to Iraq via DFI (#EU parliament has already ratified their Regulation for the return of these asset), the amount will be drastically different than what it is today. I dont know how much, but i heard it's going to be huge.
May 1, 2013 at 8:46 PM
Tlar: Zul, admittedly no one knows how much was stolen by the former regime or where it is today. It is an ongoing Easter egg hunt for Iraq still today, as they continue to find more accounts around the world under different names.
I have seen estimates as high as 800 billion but I am sure that's just a good guess. This article shows that there is at least 300 billion stolen along with billions in gold reserves. I just googled Estimated funds of Iraq under protection.
recover the money Iraq is seeking to recover billions of dollars he stashed the former regime
Posted: June 9, 2012 in Iraqi Dinar/Politics
Tags: Council of the European Union, Development Fund for Iraq, Government, House of Representatives, Iraq, Oil-for-Food Programme, Real estate, United States Senate Committee on Finance
Ali Salman – 06/06/2012 AD – 10:14 AM
Despite the lapse of more than nine years after the fall of the dictatorial regime, but the billions of dollars that fled during the bloody reign corrupt, still hidden, called on the government to start legal prosecution of these funds looted from the treasury of Iraq.
Has revealed a source familiar with the Finance Committee in the House of Representatives for the government to initiate and fund after passing a law to recover money for Iraq to prosecute serious money.
The House of Representatives has passed in the second legislative term Fund Act to recover money from Iraq for the recovery of the financial rights of Iraq, all obtained by non-Iraqis and foreigners illegally a result of the misuse of oil for food program and the economic blockade, smuggling and sabotage.
The source said in: “The process of research and investigation began .. and there is information received by the government on some of the money,” saying that some of these funds directed ousted the former regime and his family when they fled out of Iraq in 2003 and before that, many years, in addition to the money looted by the oil for food program.
The law provides as follows: “establish a fund linked to the Council of Ministers called (recovery of funds Fund of Iraq) has a moral personality is represented by Chairman of the Fund or his nominee.
The source estimated the amounts that the dictatorial regime smuggled more than $ 300 billion, in the form of accounts under fictitious names or the names of the ousted regime and securities and real estate in more than 20 countries, in addition to pure gold bullion.
The MP Haitham Jubouri, a member of the Legal Committee in the Parliament said: “There’s money back to Iraq and the Real Estate and downs was a dictatorial regime and registered names and fake.”
He Jubouri that “the law aims to recover the money that fled from Iraq, through the formation of the fund, which includes representatives from the ministries of finance, foreign affairs and work.”
May 1, 2013 at 9:56 PM
Tlar: P.S. these are the funds I was talking about. I'm not sure where you are coming up with 8 - 16 billion. The funds missing are in the hundreds of billions and are hidden all over the world as I said. Iraq can use funds to pay off the estimated 140 billion they have in debt.
May 1, 2013 at 9:59 PM
Zul: TQ Tlar. I hope we are still on the subject of renewing immunity to Iraqi funds. The 8 to 16 billion dollar is the amount of money in the DFI. Currently, it comprises of oil sales and money belonging to Central bank of Iraq. In fact, last december, IMF did say the amount of money in DFI account rose to 18 billion dollar ==> " International Monetary Fund said that funds preventive Development Fund for Iraq rose in 2012 to $ 18 billion, and pointed out that this increase came from the “oil revenues unexpected,”
In time, all the frozen assets belonging to the previous regime will be returned to Iraq and that could be huge... Currently, the 300 billion that you are talking about is not in the DFI. Not yet. It is still out there, somewhere.
Zul: and if those stolen money are now under fictitious names, it will be difficult for the US to give immunities to these accounts. But i agree with you totally, they are hundreds of billions belonging to former regime out there..
Tlar: Zul, yes these are not considered DFI funds but the point of my ranting is Iraq knows where many of these funds are. They could if the have a mindset to do so, bring some of those funds into play to settle with the organizations, people and countries.
This would remove the threat completely from the DFI funds. The article I provided is dated 6/12. Iraq has been seeking to find these funds since long before this article was written.
Through forensic digging Iraq now knows where many of these funds are. Saddam looted his country for years and years. Iraq is following the money trail with help from international organizations.
They will find most if not all of it which by some reports are now as high as 800 billion. 300 billion and billions in goldis number is not what they have found as of yet, but what an estimated in June of last year of what was stolen, missing and is out there to be found.
Since the middle of last year through forensic investigation, that number has grown now to be estimated to be much, much higher. If I were Iraq and worried about my income (DFI), I would be scrambling to make deals and settle these claims against them and tell these debtors that as money comes back from the funds hidden all around the world they will be paid from them.
This would most likely negate Iraq having to seek protection for the DFI. The fact that Iraq is not at least on paper attempting to settle and get a firm settlement dollar amount, is dereliction on Iraq's part.
Zul: TQ again Tlar :) The more money thay have out there, the better it is for us all.
Tlar:: One more thing. Finding these funds and repatriating them is not an easy process. Many of the funds are in former regime members names. First Iraq has to seek the legal means to freeze what's in the account and then they have to go through a lengthy legal process to finally get possession of them.
This process could take years and undoubtedly will be fought vigorously by the person who's name is on the account. Separate from that they have to sue the individual in who's name the account is in to try to get all the stolen assets he has (house, cars, investments, property, etc).
So it is not an easy thing to do even after Iraq identifies money's they believe belong to them to bring it home. There is a natural desire of the people who were damaged because of the former regime to settle.
Some would probably settle for less than what is owed just to have an IOU already on the table, rather than go through a lengthy court process where they would undoubtedly rack up millions in legal fees trying to get justice. Iraq should be taking this route instead of continuing to fight it.
P.S. as these funds are found, identified as belonging to Iraq, I'm sure they also fall under Executive order 13303. If you read the order, it extends not just to the funds found in the DFI, but also any funds in banks around the world. The intention of 13303 is to protect Iraqi funds from being attacked no matter where they are.
Remember, all of these people, organizations and companies are in there 11th year of waiting to be made whole. I'm sure most if no all would love to settle with receiving a note from the country of Iraq. That would be in and of itself a marketable security.
I'm sure they would love to see this come to an end rather than face lengthy court battles and be continued to be dragged through the mud for years to come..