Sunday, August 14, 2005

More US Fraud In Iraq.

According to a report obtained by Knight-Ridder, Iraqi investigators have uncovered more cases of widespread fraud. More than $1 billion worth of weapons, arranged by middlemen, have allegedly reneged or taken massive kickbacks to arm Iraq’s military. The Iraqi Board of Supreme Audit describes transactions suggesting that senior US appointed Iraqi officials in the Defense Ministry used three intermediary companies to hide the kickbacks they received on overpriced or outdated equipment. In July it emerged that $300 million in defense funds had been lost. Last week the Iraqi Defense Minister confirmed most of the audit board report’s findings, saying that at least $500 million of Iraqi money has disappeared.


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