DINAR REVALUATION REPORT: The Unfolding Saga of Iraq's "Theft of the Century", 7 SEPT

Unraveling the Scandal

The Unfolding Saga of Iraq's "Theft of the Century"

In the tense political landscape of Iraq, a financial scandal of unprecedented scale has gripped the nation, earning the dramatic moniker "Theft of the Century". This scandal, involving the embezzlement of a staggering $2.5 billion in public funds, has sparked widespread outrage and highlighted the deep-rooted corruption plaguing the country. 

The details of the heist, which occurred between September 2021 and August 2022, continue to emerge, painting a grim picture of corruption and complicity at the highest levels of government. 3 The funds were systematically siphoned through 247 cheques cashed by five companies, and subsequently withdrawn in cash from the firms' accounts. 2

Arrest Warrants and Fugitives

In a significant development, an Iraqi criminal court issued arrest warrants for a businessman, Nour Zuhair, and a former government official, Haitham Al-Juburi, for their alleged roles in the scandal.  2 Both suspects are on the run, with their current whereabouts unknown. 2 Zuhair was briefly detained at Baghdad airport in October 2022, only to be released on bail after returning over $125 million and pledging further payments. 2 Juburi also returned some of the embezzled funds before disappearing. 2

The "Theft of the Century" and Its Aftermath

The theft has ignited public anger and prompted calls for accountability and reform. 4 The Federal Integrity Commission, led by Judge Haidar Hanoon, has vowed to wage a "decisive anti-corruption campaign" in the face of this scandal.  4 Hanoon has expressed frustration over the undermining of the Commission's efforts and the mysterious disappearance of crucial files related to the case against Zuhair. 4

Corruption in Iraq: A Systemic Challenge

The "Theft of the Century" is not an isolated incident but part of a larger pattern of corruption that has plagued Iraq since the fall of Saddam Hussein's regime in 2003. 3 Despite the staggering scale of this particular embezzlement, it is estimated to represent only a fraction—perhaps 1 percent—of the total lost to corruption over the past two decades. 3

The Battle Against Corruption

As of September 7, 2024, the battle against corruption in Iraq remains ongoing, with the "Theft of the Century" serving as a stark reminder of the challenges the country faces. 2 The real question now is whether the Iraqi government can muster the political will and resources to address this systemic issue and restore public trust. 4