CoI recovers millions of dollars in Switzerland

Shafaq News / On Saturday, the head of the Federal Integrity Commission (CoI) announced the recovery of over 70 million dollars from a Swiss bank, and affirmed the recovery of billions of Iraqi dinars from individuals, including former Prime Minister Mustafa Al-Kadhimi's advisor, local officials, and a former intelligence agency officer.

Haider Hanoun stated that CoI has achieved significant milestones and laid the groundwork for combating corruption. CoI has addressed many gaps that were exploited by corrupt individuals. This was accomplished through collaboration with the executive authority, especially the government led by Prime Minister Mohammed Shia Al Sudani, who has placed a new focus on the fight against corruption in Iraq.

Hanoun explained that Law No. 9 of 2012 on the Recovery of Iraqi Funds aims to recover Iraq's financial rights acquired by Iraqis and foreigners through unlawful means as a result of the misuse of the Oil-for-Food program and the use of sanctions on Iraq to achieve financial gains at the expense of the Iraqi people.

This law applies to funds acquired by Iraq before 2003. There are many funds that were stolen and the former regime used Iraqi, Arab, and foreign companies to create funds and give money to Arabs and foreigners to establish companies that served the previous regime. The law has several advantages and exempts those who cooperate with the fund.

Hanoun explained that the Iraqi Money Recovery Fund managed to recover a sum of $70,610,000 from a Swiss bank. An earlier $800 million had been recovered from the same person who has since passed away. This money had been imported from the Central Bank (CBI). The funds have been transferred to the Ministry of Finance.

Moreover, $26 million was recovered, which had been hidden in the Rashid Bank. These funds belonged to the Huda Religious Tourism Company, which was established in 2000. It previously managed Iranian visitors and was linked to the former intelligence agency. The company was dissolved in 2004, but the bank did not return the money to the Tourism Authority. The funds were hidden, and they have been recovered and will be transferred to the Ministry of Finance.

CoI also managed to recover six billion Iraqi dinars from the United Investment Bank, part of the 15 billion dinars misappropriated by the bank. This resulted from corruption in the Iraq Export Support Fund, which was affiliated with the Ministry of Trade.

Hanoun noted that an additional five billion Iraqi dinars were recovered from Haytham Al-Jubouri, the financial advisor to former Prime Minister Mustafa Al-Kadhimi. Al-Jubouri, who is currently imprisoned, is accused of having received a total of nine billion dinars. All the recovered amounts will be transferred to the state treasury.

Finally, Hanoun reported the recovery of 1.5 billion Iraqi dinars from the defendant Raed Jaber Imran, the former Director-General of the Middle Oil Refineries. This is a recent recovery and represents a portion of the total misappropriation of seven billion dinars that is currently in the possession of the state treasury.