Iraq News - Local News - Baghdadpost

Storm brews over loss of money from rain, corruption

Iraqi dinars

Iraqi Central Bank Governor Ali al-Alaq's announcement of the damage of 7 billion dinars at the Rafidain Bank because of rain has drawn sharp political and social criticism, with calls for the Baghdad government to open an investigation into the incident, which may reveal much corruption.

Over the past 15 years, Iraq has lost €194 billion of public funds. Corruption is responsible for this through methods including fake contracts and salaries for fictional employees.

Iraq is ranked 12th among the most corrupt countries in the world, while various areas, including Baghdad and Basra, witness frequent demonstrations denouncing the poor management of the country and the lack of public services.

In light of the corruption in state institutions, the judiciary must move to uncover all those involved in the theft of Iraqi funds, especially as most of them are politicians and members of parliament.

Hamad al-Moussawi: smuggling $6 billion abroad

Observers told the Baghdad Post that Alaq should not be convicted of the damage because it did not occur during his tenure but happened a year before he took his post.

They pointed out that Alaq, however, must be blamed for his lack of cooperation and for staying silent while knowing about the incident.

They said that $6 billion (equivalent to 700 billion Iraqi dinars) had been smuggled outside Iraq by Al-Huda Bank, which is owned by Hamad al-Moussawi, adding that the late MP Ahmad Chalabi provided all related documents before he died.

Parliamentarians' view

For her part, MP Alia Nassif described the incident as a huge scandal and considered it a new method of fraud and theft.

An investigation should be launched into this matter, Nassif said, wondering why the central bank did not keep the money to prove it was damaged.

Saairun intends to recall Alaq

The Saairun Alliance, supported by Muqtada al-Sadr, announced its intention to recall Alaq following the incident.

Saairun MP Ali Ghawi said that the central bank and other banks have huge private vaults for keeping money, which are fully protected against all climatic conditions, adding that the damage claims confirm suspicions of corruption.


Last Modified: Thursday، 15 November 2018 11:38 PM