Monday, January 31, 2005


US Can't Find $9 Billion in Iraqi Oil Revenue

Republicans believe Kofi Annan should resign because of the billions in money allegedly skimmed from the Oil for Food program.

It now appears the Coalition Provisional Authority set up by the Bush Administration lost at least $9 Billion dollars in Iraqi oil revenue. The BBC reports:
The BBC's File On 4 programme has learnt that out of over $20bn raised in oil revenues during US-led rule, the use of $8.8bn is unaccounted for.

US government auditors criticise the Coalition Provisional Authority for failing to manage the money properly.

In one case, auditors say the key to a safe holding millions of dollars was kept in an open backpack in an office.
Even allowing for the chaos in the aftermath of war, the auditors still believe the management of the money should have been a great deal tighter.
One US company is accused of massively inflating its profits by setting up sham companies to send fake invoices which the coalition paid.

Others are alleged to have demanded dubious commissions which then came out of Iraqi funds.

Even some Coalition officials are said to have openly demanded bribes of up to $300,000 in cash.
Somehow I think this politically embarassing scandal will not receive the same level of Senate investigation as the politically convenient "Oil for Food" scandal.


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