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Iraq loses 150 bn dinars due to contracting with fake Indian company

Iraqi dinars

The Indian company, which the Ministry of Industry’s al-Furat Company has contracted with to establish a soda and chlorine plant, is a shell and illegal company, Minister of Industry and Minerals Mohamed Shia’ al-Sudani revealed Friday.     

In a press statement, al-Sudani said that after discovering the truth about this company, al-Furat General Company had taken legal action against the it.

As a result, a ruling has been issued convicting those who have signed the contract and charging them with fraud.   

The soda and chlorine plant, which should have operated since 2012, caused losses for the ministry over the past few years estimated at 150 billion Iraqi dinars (126.3 million dollars), he noted. 

The contract has also deprived the Iraqi economy of important products used in sterilization of drinking water, he further stated.   

Sudani also said that other products produced by this plant are primarily used in oil industries and electricity production.

This has forced the government to import these products throughout the abovementioned period. This comes at a time Iraq is facing a financial crisis, he pointed out. 

The Minister of Industry called for supporting the national production and taking strict measures to stop the dumping of commodities in the Iraqi market. 

Last Modified: Friday، 17 November 2017 10:42 AM