Wednesday, 28 July 2010

US unable to account for $8.7billion of Iraq's oil money

According to an official report by the US Special Investigator for Iraq Reconstruction the US defence department is unable to account for $8.7billion of Iraqi oil revenues for use in reconstruction. The funds withdrawn between 2004 and 2007, from a designated account set up by the UN Security Council, were meant to subsidise the reconstruction of Iraq after the fall of Saddam Hussein’s regime.

The official investigation in to the matter found that despite the fact that some money was spent properly, the nation as a whole often complain that they see little sign of their infrastructure being rebuilt after 30 years of war and terror.

Almost a decade after the overthrow of Saddam Hussein’s regime electricity, clean water and sewage disposal remain wholly inadequate with little structural evidence to indicate the rebuilding of Iraq on the whole.

The sums unaccounted for are particular striking given that they cover periods of widely publicised corruption and fraud within the country. The report cited poor record keeping, and said that most of the organisations at the Pentagon that received DFI funds had simply failed to use required treasure department accounts.

Source: The Independent

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