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of government. 3 The funds were systematically siphoned through 247 cheques cashed by five companies, and subsequently withdrawn in cash from the firms' accounts. 2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

The Theft Of The Century Has Mixed Up Its Cards And Its Rope Has Been Lost In Its Arrows , 7 SEPT

 Local   The theft of the century has mixed up its cards and its rope has been lost in its arrows

Information/Report..    In a dramatic scene starring the head of the Parliamentary Integrity Commission, Haider Hanoun, and amidst intense anger and excitement, he announced, yesterday, Wednesday, the start of the real battle against corruption, during the press conference he held in Erbil, dedicated to revealing the secrets of the theft of the century that shook political circles in Iraq, and the repercussions of the main accused, Nour Zuhair, leaving the country despite the decision to prevent him from traveling before his appearance from Lebanon on satellite channels and his threat to reveal prominent names involved in the case.

Hanoun revealed that Nour Zuhair was involved in stealing customs deposits worth more than a trillion dinars, demanding “holding a session in the presence of Judge Diaa Jaafar to reveal the full facts to the public.”

These repercussions have mixed things up and complicated the scene that expresses the extent of corruption in Iraq. Will those in charge of this file be able to end corruption or will they continue to revolve in its vortex by exchanging accusations?

On March 15, the head of the Integrity Commission revealed the fate of the defendants in the theft of the century case, while confirming that the main defendant, Nour Zuhair, and 30 others will be tried soon, indicating that Nour Zuhair’s case is currently with the judiciary to complete the lawsuit procedures and that the investigation court is working to complete some of the funds, and then go to the subject court to try them according to the law.

Al-Fatah Alliance leader Ali Al-Fatlawi criticized the way the head of the Integrity Commission appeared in his press conference yesterday, Wednesday, which is incorrect, even if the accusations are true, indicating that attacking two basic pyramids in the state, integrity and the judiciary, must be done in ways that are far from media defamation.

Al-Fatlawi told Al-Maalouma Agency, "The way the head of the Integrity Commission appeared yesterday, Wednesday, at the press conference was not appropriate for a person who stands at the top of the most important oversight institution."

He added that "hitting two fundamental pyramids in the state, integrity and the judiciary, must be done with a real stance and official evidence without resorting to the media," calling on "the government and parliament to take a serious stance and take real measures against any person."

For his part, MP Haider Al-Salami called for holding a public session to host the head of the Integrity Commission, Haider Hanoun.

Al-Salami told Al-Maalouma Agency that the Integrity Commission is an important institution concerned with many files related to combating corruption and uncovering the threads of money theft operations. What its chairman, Haider Hanoun, raised yesterday in a press conference included important points related to pressures, the secrets of some files, interventions, and the pace of their completion.

He called on the Presidency of the House of Representatives to "hold a public session to host the Chairman of the Integrity Commission and the Corruption Court Judge to clarify the facts, noting that it is impossible to turn a blind eye to the encroachment on public funds and the plundering of the country's wealth."

He pointed out that "holding the session will provide more facts, stressing his rejection of mortgaging the country's wealth for narrow personal and partisan interests."

Meanwhile, the spokesman for the State of Law Coalition, MP Aqil Al-Fatlawi, confirmed today, Thursday, that a number of members of the House of Representatives will go to host the head of the Integrity Commission, Haider Hanoun, while he called for the formation of a committee to investigate what Hanoun had proposed.

Al-Fatlawi said in a statement followed by / Al-Maalouma /, "The meeting of the Coordination Framework discussed yesterday what was raised by the head of the Integrity Commission during the press conference he held in Erbil," indicating that "the Coordination Framework always stresses the necessity of respecting the decisions of the judiciary."

He added, "A number of members of the House of Representatives will go to host the head of the Integrity Commission, Haider Hanoun, calling for the formation of a committee to investigate what Hanoun proposed."

Yesterday, the head of the Integrity Commission, Haider Hanoun, appeared in a press conference in which he confirmed that he was subjected to pressure not to reveal corruption files, while he revealed corruption files. LINK

MILITIAMAN CC NOTES HIGHLIGHTS, 7 SEPT

 MILITIAMAN CC NOTES HIGHLIGHTS

Summary

The video discusses Iraq’s monetary policy, focusing on currency localization and upcoming meetings to address salary distribution and economic stability.

Highlights

• 💼 Employee Salaries: Discussion on the ongoing crisis regarding employee salaries in the Kurdistan region and the need for localization.
• 📅 Key Meetings: Upcoming meetings between Iraqi finance officials and regional leaders to resolve salary issues.
• 📈 Monetary Policy: Insights into how open market operations will impact currency liquidity and Iraq’s economy.
• 🔗 Global Integration: Highlighting Iraq’s efforts for international currency integration and collaboration with global financial institutions.
• 🚀  XRP Mention: Reference to XRP’s role in aiding Iraq’s financial transactions and the upcoming Discord channel for discussions.

Key Insights

• 🌍 Localization of Salaries: Localizing salaries through federal banks can streamline payments and improve transparency in employee compensation. This is crucial for economic stability.
• 🤝 High-Level Meetings: The involvement of top officials from Baghdad and the Kurdistan region indicates a serious commitment to resolving outstanding economic issues that affect citizens.
• 📊 Open Market Operations: Iraq’s open market operations can significantly influence monetary policy, affecting inflation control and economic growth by managing liquidity effectively.
• 💡 Technological Integration: The use of advanced technologies, including AI, in monetary policy management shows Iraq’s commitment to modernizing their financial systems for efficiency and transparency.
• 💱  International Currency Strategy: Iraq’s collaboration with global financial entities like JP Morgan and the integration of XRP signal a strategic shift towards international currency operations, enhancing global trade.
• 🔄 Banking System Overhaul: Proposed reforms in the banking sector aim to improve the efficiency of monetary supply and maintain price stability, which is vital for attracting foreign investment.

DINAR REVALUATION HIGHLIGHTS!!: THE RV IS IMMINENT

"AFTER 33 YEARS THE SWISS ALSO DO NOT PLAY WITH A PROGRAM RATE" BY FRANK26, 7 SEPT

KTFA

FRANK26:  "AFTER 33 YEARS THE SWISS ALSO DO NOT PLAY WITH A PROGRAM RATE".........F26

To strengthen economic relations.. Reopening of the Swiss embassy in Baghdad

9/3/2024

Switzerland today reopened its embassy in Iraq, after a 33-year hiatus. 

This step, which comes within the framework of the Federal Council's strategy for the Middle East and North Africa region 2021-2024, aims to strengthen bilateral relations with Iraq, and deepen cooperation in the fields of economy, security and migration.

The Swiss Federal Council confirmed in a statement followed by "Al-Eqtisad News" that "this step aims to strengthen bilateral relations with Iraq, and deepen cooperation in the fields of economy, security and immigration."

 

He added that "the security situation in Iraq has witnessed a significant improvement in recent years, and it has entered a new phase of economic development and is strengthening its role as a regional mediator. 

 

He said: "Iraq is making continuous efforts to enhance peace and security in the region, and today it has more than 50 embassies from different countries in Baghdad, including Austria, France, Italy and Germany.

 

He added, "The new embassy will focus on strengthening relations between Switzerland and Iraq, enhancing cooperation in the fields of economy, security and peace, and promoting Swiss interests.
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LINK

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Iraq renews partnership with Swiss global company Roche to enhance therapeutic capabilities

9/3/2024

 

 Baghdad
 

The Ministry of Health announced today, Tuesday, the renewal of its strategic partnership with the Swiss company "Roche", explaining that this comes within the framework of the ongoing efforts to develop the services provided to the Iraqi citizen and to complete the plans to enhance health care and advance the sector in general and move towards digital transformation.

The ministry said in a statement received by "Al-Eqtisad News" that "Roche, the Swiss company, is one of the world's leading companies in the pharmaceutical industry. This renewal comes after a year of fruitful cooperation between the two parties, which witnessed the launch of several ambitious projects aimed at improving the quality of health care in Iraq and enabling citizens to access innovative and high-quality health services."

She added, "This renewal includes several pivotal points, including focusing on enhancing digital transformation in the Iraqi health sector, which comes through developing national digital tools and solutions, which aim to improve the health decision-making process and provide distinguished health care based on data and value.

It was also agreed to continue educational initiatives targeting local communities to raise awareness of the importance of early detection of diseases, which contributes to improving treatment opportunities and reducing the exacerbation of disease conditions, according to the ministry’s statement.

For his part, Minister of Health Saleh Al-Hasnawi expressed his happiness with the continuation of the partnership with Roche, noting that "this cooperation reflects the ministry's commitment to developing the health sector in Iraq, and benefiting from international expertise to provide health services that are in line with the highest international standards."

In turn, Ayman Haj Ibrahim, Director of Roche in Iraq, stressed that the company is committed to providing its best expertise and resources to support the efforts of the Iraqi Ministry of Health in advancing the health sector.

The Ministry of Health statement quoted Haj Ibrahim as saying, "The strategic partnership with the Ministry of Health is an important step in achieving our shared vision to improve health services in Iraq, and close cooperation between the two sides enables maximum benefit to provide integrated care solutions for the Iraqi patient."

This was confirmed by Dr. Ahmed Sami, representative of the Ministry of Health and General Manager of the General Company for Marketing Drugs (Kimadia), who commented by saying, “The healthcare sector in Iraq is witnessing great developments, and with the support of our global partners such as Roche, we are confident that we can achieve more achievements. Digital transformation and enhancing diagnostic capabilities are an integral part of our future plans, and we are committed to continuing to work with our partners to achieve the best results for Iraqi citizens.”

Roche operates in more than 100 countries around the world, leveraging its strengths in pharmaceuticals and diagnostics to provide integrated solutions that meet patients’ needs and enhance the effectiveness of health systems.

The company has successfully developed a distinguished group of medicines in various fields, including oncology, immunology, infectious diseases, eye diseases, central nervous system diseases, and others.

LINK

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Legal expert: Restoring relations contributes to recovering funds smuggled from Iraq and held by Swiss authorities

9/3/2024

Legal expert, Counselor Salem Hawas, confirmed that the reopening of Switzerland's embassy in Baghdad is a door of international public law, which emphasizes the necessity of restoring diplomacy after its interruption, on the one hand, and contributing to reviewing the agreements on the extradition of funds and the extradition of fugitive criminals.

Hawas said in a statement: "The reopening of Switzerland's embassy in Baghdad, after an interruption and closure that lasted more than 33 years due to the Gulf War in 1991, is a positive indicator. These relations were supposed to be restored since the beginning of the fall of the regime, not after 21 years have passed, because it is a period of time that has missed the opportunity for Iraq, Iraqis, and the Iraqi judiciary to prevent the prosecution of criminals and public funds detained in Switzerland."

Hawass explained: "The Swiss Federal Council certainly aims, through this and through the reopening of the embassy, ​​to strengthen bilateral relations with Iraq and consolidate cooperation in the fields of justice, economic law, security and immigration. Therefore, these important relations must be invested in the judicial, legal, constitutional and economic levels and resolve the file of smuggled funds from Iraqis and held by the Swiss authorities for more than 33 years."

Hawass explained, "What confirms the good intentions of the Swiss side is the delivery of three smuggled artifacts dating back to the Assyrian civilization, which are the statue of the Assyrian sun god, and two murals dating back to the Assyrian era before Christ," which in our estimation confirms good intentions, in addition to the delivery of ancient artifacts dating back to the legal Hammurabi Stele, which the Iraqi government received from Switzerland two years ago. This ensures the credibility of legal, judicial and constitutional dealings and the principle of reciprocity. 

LINK

LATEST FROM WALKINGSTICK, 7 SEPT

  Walkingstick 

  They got stability and security. Sudani has been bragging about it...Lift the three zeros has to do with the value, then not with the value, back and forth, back and forth, it has to do with the value and then, no it doesn't have to do with the value.  The articles are contradicting. 

 They are lies.  They are misleading with a purpose.  

 Walkingstick  

Article: "Two conditions to achieve it .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

  These articles, this misleading, is intentional right now...Contradicting statements are found throughout all of these statements, all of these articles...The 25 note has to become a 25k note? 

 There isn't even a 25 note...When did Iraq last have a 25 note?  Never.

--

 Walkingstick  

[Iraqi bank friend Aki update] 

Question:  You're asking us why we are not talking to you about these [lower note] commercials.  Can you tell us more about them? 

 AKI:  Yes, they are coming out.  This is the media campaign we told you about.  It's getting faster and faster and louder and louder.  

The purpose is to show the citizens the new lower notes and more information. 

 These commercials are coming out at any time now...Nothing is in the way to block this next step.  It is a massive media campaign.  

[[Iraqi bank friend Aki update]

New York is to remove the red tape that the United Nations is still holding on the banks of Iraq that are not participating in the monetary reform.  

These sanctioned banks may stay sanctioned or be shut down completely. 

 It really doesn't matter to the monetary reform process but this is something that is needed to be done.

https://dinarevaluation.blogspot.com/2024/08/lower-notes-yes-they-are-coming-out-by.html