Iraqi Fund for Recovery Announces the Retrieval of Over $20 Million from Kuwait

Shafaq Newsw / The Iraqi Fund for Recovery announced the successful retrieval of more than $20 million from Iraqi funds held in Kuwait.

Judge Haider Hanoun, the Chairman of the Fund's Board of Directors, stated in a statement today that within the framework of the Fund's efforts to monitor Iraqi funds abroad and work towards their retrieval through diplomatic and legal channels, they have managed to recover an amount of $20,437,157 from funds deposited in the Kuwaiti National Bank under the custody of the Iraqi Embassy in Kuwait. The account was reactivated, and the balances were funded.

He explained that these funds had been frozen since 1990 and were subject to seizure and account closure. After their verification and return, they were deposited as "trust funds" into the account of the Iraqi Embassy in Kuwait. He commended the role of the Ministry of Foreign Affairs in making efforts and cooperating to retrieve the funds. He further stated that the Central Bank of Iraq confirmed the deposit of the amount into the "Iraq2" account at the Federal Reserve Bank of the United States.

It is worth mentioning that the Iraqi Fund for Recovery previously announced in mid-May the retrieval of a settlement amount from a company and the ongoing settlement of $80 million in Credit Suisse bank.