Iraqi millions in Swiss vault
20/06/2003 15:37  - (SA)  

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Zurich - About $3.5m worth of Iraqi gold is currently sitting in the vaults of a metals processing company in Switzerland, a Swiss weekly reported on Friday.

The Iraqi embassy in Switzerland sent about 300kg of gold bullion to the Neuchatel-based company in 1991, according to the business magazine Cash.

It said the head of the company, Hans-Juerg Schaer, had confirmed that Metalor, which specialises in smelting and reprocessing precious metals, still had the gold, the requivalent of 4.5 million Swiss francs or three million euros.

Some 386 million Swiss francs in deposits made by Iraqis are being held by Swiss banks, according to Switzerland's central bank, but the data does not include funds managed by accountants or lawyers in Switzerland.

Former Iraqi dictator Saddam Hussein is thought to have kept about $10bn abroad.

- AFX

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