US cannot account for Iraqi billions

2012-01-30 22:54

kalahari.com

Baghdad - The US Department of Defence cannot account for some $2bn of Iraqi funds it held, a report from a US watchdog said on Monday, in the latest case of apparently lax US oversight of spending in Iraq.

The defence department "cannot account for about two-thirds of the approximately $3bn in DFI [Development Fund for Iraq] funds," the report to the US Congress by the Special Inspector General for Iraq Reconstruction (SIGIR) said, citing the findings of an audit it performed.

According to the audit, the money was made available by the Iraqi government to the defence department for making payments on contracts awarded by the US Coalition Provisional Authority, which ruled Iraq from 2003 to 2004.

Most of the money - $2.8bn - was held in a Federal Reserve Bank of New York account, while $217.7m was held in a vault in the presidential palace in Baghdad, SIGIR said.

Bank records indicate that the defence department made about $2.7bn in payments from the account, but it does not have "specifics about the payments or financial documents, such as vendor invoices, to support them," SIGIR said.

"It required only written approval from the [Iraqi government] to issue payment."

While the defence department was responsible for documenting the expenditure of the full $2.7bn, "it could provide SIGIR documentation to support only about $1bn."

The defence department also "cannot locate documentation supporting $119.4mof the $193.3m it spent from the $217.7m in cash remaining in the presidential palace vault when the CPA dissolved; $24.4m was returned to the GOI in March 2008," SIGIR said.

This is not the first time that questions have been raised about US accountability for Iraqi funds.

In June 2011, US officials acknowledged that $6.6bn in Iraq reconstruction funds had disappeared. But Iraq claims that $17bn is missing, and on October 6 formed a special committee to chase down the funds.

SIGIR however said in an October 30 report that an audit had accounted for most of $6.6bn in previously unaccounted-for funds.

"When the CPA was dissolved, the CPA administrator transferred control over almost all of the $6.6bn remaining in DFI funds" to the Iraqi central bank, the report said.

Read more on:    us  |  iraq
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
26 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

20% off all TV Series!

Want to have a chilled day at home? Get 20% off TV series, the perfect excuse to "veg out". Shop now!

Save R700 on the Hisense LED TV Now R2499

Get the Hisense 32” HD ready LED TV for only R2499. Offer valid while stocks last. Shop now!

Up to 40% off fashion accessories

Save up to 40% on selected handbags, purses, watches, jewellery and more. Offer valid while stocks last. Shop now!

Save up to R2000 on top electronics

Get every day mind bowing savings on top electronics. Offer valid while stocks last. Shop now!

As seen on TV - New book releases at only R199 each

Get mind blowing book savings on new titles. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Today is one of those days where the more positive and optimistic you are the more opportunities you seem to attract....read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.