Thread: Archive Latest News - Dinar Think Tank - 27/08/08 - 15/01/09

Doubts about the intelligence dealing with International Shell Companies in Iraq

... International weekly magazine in the late Altsainiat known to Baghdadis scandal «Samku» collection, which the Bilkers billion dinars of the people for the purpose of investment and reap huge profits by. To the prison scandal over a number of people, and talk in whispers House officials were behind the operation, which drew more ambiguous. This type of activity Haze pace with the increasing availability of liquidity in the market, high savings, small investors who can deceive many of them easily. The simultaneous launch of the corporate capital investment for the first time in Arab countries, with the first oil boom in the mid-seventies, when oil prices doubled and, consequently, wages and personal savings, and then repeated again in the second oil boom in the early eighties, unfortunately, have not benefited small investors at the time Despite the short time period between rounds. Now back strongly to most Gulf countries, including Iraq until it caused complete paralysis of the Iraqi market due to lack of liquidity, or working cash, after huge amounts of money collected in the hands of a few individuals and companies deceived investors, small and even furniture and deprived them of their homes.

«Weekly» followed the beginning of the evolution of the activity of these «companies», which can not even name the companies. What happened is the emergence of individuals in certain regions have started fund-raising and large amounts of Trgebhm people themselves, through the distribution of the benefits and profits systematically encouraged others to go voluntarily to their nets, and these people keep «weekly» on his behalf, the company branched into companies or branches of the President has taken every Including a separate line for the president and the company of his brother, who was found dead several months ago, and others in one of Iraq's provinces, and finally the emergence of three similar companies in the province, but it has assumed a broader and headed toward the global Internet functions.

One close to the companies who preferred to remain anonymous, confirmed in a meeting with «weekly» that the volume of transactions reached the man to more than 500 billion dinars, the total amount claimed is up to 300 billion dinars, a significant amount, was surprised Some how he reached one such deal of this size? The spokesman asked and answered: The man is simple and amounts in U.S. dollars and gave each of the 10 thousand dollars to the profits of between 20 and 30 thousand dollars, the proportion of profits up to between 200 to 300%, the high proportion was intended to induce people to invest with him, actually Jumped during the months of his dealings and very few billions. Not only dealing with money included real estate, cars and even livestock, but the strange thing is that each transaction was losing twice. For example, buy a car valued at $ 5,000 to $ 10,000 dollars on condition that its owner receives money after six months and sold the vehicle immediately upon receipt of $ 3,000 b thus have lost almost 7000 dollars here and we do not know how to invest money through lost in advance.

The source also said that no one knows where the money goes, everything that we know the existence of revenues and benefits of the largest, and money is for those involved in the funds, each of which contains a fund of $ 10 million, which increased doubts that they were working for outsourcing.

Accused of dealing with intelligence agencies and international governments have agendas with Iraq, that it comes to investors from all parts of Iraq had come to him with the recruitment of Dhi Qar, Maysan and Basra and Diyala almost all regions and all dealings Gharib said non-documented, and all utter upon receipt of The amount of the investor some words of the conclusion «that money from your hand into the river and if I stay alive for six months to come to the orbit of the Ttalibni I just have nothing to do with my order from afar or from a nearby died and if you have no money».

Those words prevented hundreds or even thousands of investors (or victims) of the review concerned the restoration of their rights. They do not have one witness that they gave money to a company or in paper or even words as proof of one of the victims, who said: "I started at 10 million dinars converted into dollars and drew to a close of the amount of 10 thousand dollars, in the operation of money-quality, and the amount actually received 20 thousand dollars, after six months and more coveted here, I Dare sale of $ 60 million dinars converted into dollars and I gave her the man remained waited six-month expiration date, but I was disappointed then the large could not pay its accumulated large amounts of up to hundreds of billions, not in his hands Only small sums here and there, real estate and vehicles are not worth anything compared to the size required, and here I had no only accept it and blame myself before blaming others.

Fraud, deception

The appearance of Dr. Mohammad Saleh, deputy governor of the Central Bank of Iraq and the first bank adviser, said that the central bank warned Iraqi citizens in an official statement from the consequences of falling into the nets of these companies that rely on swindling and fraud to steal public funds. Such manifestations within the so-called informal money market, and this did not arise arbitrarily because they have a basis in history. And began lending money through two garages by providing small loans to farmers and other benefits with very high load of up to between 80 and 120% annually, the benefits of obscene end borrower and lenders in exchange focus. For this phenomenon, there has been much more dangerous than the first was to receive deposits of citizens on behalf of investment companies or the operation of the money.

Dr. Saleh also emphasized that these companies have no basis, and capital, the cash market is inherently high-risk market, and here the great hedge funds capital to face any risks or fluctuations or losses, how fake companies do not have the capital but live and work are the deposits. Therefore, this trend today: I have filed for a higher return if attracted two others, and here are inflows to these fictitious companies more outflows, the difference will be in the interest of the company and use part of this money to improve its image to others and to gain credibility and fake and harnessing some people to be Distributors or agents Jazpin of money and distributors to profit over time will gradually increase to the point of collapse, as no amount of Mdackhellagha will not reach to cover their dues, and here the determination of either fade or disappear or escape their funds abroad, is people are the victims of fraud and money go.

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Continued.......

On the reason for the emergence of such companies in Iraq, Saleh said that the appearance is for many reasons, including weak banking system and limited Iraqi spread. In Iraq there are 54 thousand for each bank of the population, and in any other Arab country, there are 10 thousand for each bank, and banks 6 per 10 thousand citizens in European countries such as Germany.People have money but they do not find channels, making investment-oriented companies to achieve rapid profit is available.

He suggested the government in favor of the transfer market to market unregulated market or legal organization, by issuing a bill of popular and widely absorb the savings of financial and employment in industrial development, agricultural and commercial sectors of our move to ensure the elimination of evil and the accumulation of money and keep it away from financial frauds.

Saleh also dealt with the problem of the rate of interest in Iraq and said: There is a vast difference between the benefits they have for deposits and interest on loans, and higher utility savings of up to 10% and 20% interest rates on loans and must eliminate this difference in order to encourage citizens to save.He also warned companies falling into the grille highlight the agencies of international companies, but the agency known fictitious monument on behalf of the company are known, are usually collected by such companies money to fund terrorism.

The central bank warned Iraqi citizens and companies of all to deal with non-financial companies formally approved, noting in an official statement to the emergence of a number of shell companies engaged in swindling and fraud operations in the financial district and the exploitation of citizens funds in exchange for promises of the benefits of very high benefits outweigh the banking system, Leading to the theft of money citizens and money laundering.The source called on citizens not to deal with these companies, civil, he was directed to those concerned in the Ministry of the Interior and the Government of Sistani, to take necessary and the right of these companies stopped work and referred to justice ...

Legal controls

Interior Ministry revealed Sistani, the Government, through the director of media relations, and Brigadier General Alaa al-Ta'i, said the deal with the proliferation activity and breadth of front companies to employ the money, do not cross the one hand, but are conducted in accordance with the involvement of several government and the Ministry of the Interior Al-Sistani is part of the legal system and hand control of the Legal and internal operational point of all what comes out of the judiciary, including the seizure and arrest warrants for the investigation habeas corpus, which are not the only implementation. Tai said: on the emergence of front companies to employ the money we have on the move in this direction by controlling the movement of people and companies trying to steal the money and the citizens who called «Economic Crimes

Division» of the Directorate for criminal offenses, which includes officers qualified to carry out follow, monitor and collect data on base These companies and individuals who stand behind them, and any movement within the illegal activity.Tai did not rule out that these companies are part of the financing of terrorism in Iraq.

Any protection?

Judge Abdul Sattar Bayraqdar spokesman for the Iraqi Supreme Judicial Council and as the highest judicial authority in Iraq, has confirmed that there was no text in the law which lays the blame on the citizen if the victim of fraud, deception, it is not possible to accept the text of the law does not protect the dupes, but on the contrary, Found the law to protect citizens and their money and Iraqi law included a provision in article 456 and tried suing individuals defraud the citizens in order to extort money, illegal even if the citizen is the peace of money for these companies or fraudsters.

The way was through the creation of the recent fraud and promote inter alia the wish of the people, and these transactions constitute a flagrant violation of the law and held accountable legal systems, all based on falsehood is false, companies fundamentalist yet to obtain formal approval from the State, according to the laws governing its work and the way their transactions are To ensure all their rights, which are not available in the front companies that work is far from what we have.

Bayraqdar citizens and demanded the application of the saying «prevention is better than cure» said: Awareness is required here to determine the legality of any action or any activity that occurs within the market or society, it is not reasonable that the money is money in the hands of non-registered in the registration of companies of the Ministry of Trade Government Sistani, or officially authorized bank or financial activity.

The religious authorities have a role in raising the awareness of citizens by issuing fatwas calling for the prohibition of dealing with these companies that were linked to the names of known international companies.The Sheikh Mohammed Yacoubi issued a fatwa in which he said: appeared in the street after the fall of several companies operating under the concept of «hierarchical organization» and is sometimes called the «web marketing», marketing or multi-layered, and these companies Cold Quest, or Quest Net, company Bzenas company In Max, a Monaco company and piles.Com.

Yacoubi said: "We deny deal with all companies dealing in network marketing or any hierarchical organization and offers a variety of allegations, all of which are only to be exposed false pirate after a period, then participants will find they were in illusions, and the company did not provide them with nothing.The Aajabi not expire by the failure of local and central governments to take strict measures to stem the pirates were soaked country's wealth.

The solutions begin by the Government to provide investment opportunities for venture capitalists simple profitability reasonable rates to protect them from falling by front companies, and the moral and humanitarian imperative for the private sector can provide such an opportunity for the operation of capital, to establish investment companies contribution to the citizens.And not on the finance and economy experts to put the right solutions to absorb the surplus funds to the people and block busters to the national wealth and the conservation and protection of the economy.

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Abadi, confirms the existence of alternative plans in case of failure of Security Agreement

The Alliance MP from the Dawa party, Haider Abadi, Iraq and the United States and put alternative plans in case of failure to reach agreement to conclude a convention security being traded between the two parties, likely at the same time recognizes that the current wording of the Convention to acquire the ingredients for success, he said.

Abbadi stressed in an interview with "Radio Sawa" to extend the mandate of the survival of U.S. forces in Iraq is a negative for the country, he said:

"The Iraqi side for the friendly plans b and c Bzhnh plans for the basic interests of Iraqi Nfrtha can not be this way and certainly the U.S. side has plans b addressed in the final we must look to the end of the day, I believe with perhaps 11 would be the end of the picture is clear. Is it possible to reach agreement or plan a second look at the speeds I said I believe in the Convention are also being developed and may now succeed there ingredients for success more than failure."

Abadi called the political parties to unite in their views to the Security Agreement with the United States, stressing that the differences would weaken the Iraqi negotiator, who agreed with his U.S. counterpart on the main points of the Convention apart from a number of issues, including jurisdiction and immunity granted to U.S. troops.

The Abadi said: "There are issues relating to the jurisdiction of the Iraqi side of the immunity granted by the U.S., there are issues related to tailored on the entry and exit of troops to Iraq passed the statute that these troops out of certain places, the Iraqi side must be aware of those who enter Names of those who took their identities, approvals not only words, for this I invite all political forces to unite in this position, this position is not a sectarian party does not stand in a block but a Iraqi national. "

Abadi acknowledged the existence of differences in the formulation of the Convention between the Arabic and English versions, adding that the agreement was transformed from a long-term security agreement to the Convention governing the exit of U.S. troops from Iraq.

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Hafiz demanded the government to consider balancing next year and present

The Chairman of the Institute of the progress of development policies deputy, Mehdi Hafedh, Iraqi List to review fiscal policy, warning it not to take action to protect the Iraqi economy, the risk of financial collapse in the world.

Hafiz said in an interview with "Radio Sawa": "There is a crisis of governance in the country can not rely on a government or institutions because many of them in fact can not operate accurately controlled and, although there reckon this topic should have been applying for public opinion A comprehensive statement on the financial capabilities Ahtmlat expected on the issue of oil at the same time trying to put the plan to face the possible dangers, therefore, the verdict on the verge of a new troubles. "

The Al-Hafiz, who served as planning minister under the interim government of the weakness of the Iraqi economy, calling for the government to revise the financial budget for next year, and said:

"However, the Iraqi economy is now immune, for example, the price of a barrel of oil was $ 165 a barrel now dropped to about $ 65 means the Iraqi state financial policy of Iraq to reconsider all matters relating to balance the 2009 budget until 2008 and stayed two months, but there is an urgent need to account for changes Iraq developments returns."

Hafiz pointed out that the errors caused by the monetary policy of the country in great economic problems left spelled out by saying:

"The central bank to raise interest rates so that it is 22 percent and now has 16 percent, the private sector is unable to assess projects and loans at high interest rates this way, most banks now put money in the Central Bank and receive this benefit because they can not get ready to investor Taking loans from more than 18 percent or 16 percent. "

Hafiz said that the Iraqi economy suffers from the problems of lack of projects that can achieve economic growth with the problems of lack of electricity and the scarcity of safe drinking water as well as increasing rates of inflation and high unemployment rates which amounted to about 22 percent, according to Hafez.

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Oil Committee urges the Government to send a draft oil law to Parliament

The Commission on oil and gas in the House of Representatives to speed up the Iraqi government sent a draft oil and gas law to parliament, accused parties in the Oil Ministry not to pass a law reducing its powers.

The Commission's decision Khalifa Jaber Jaber, told a news briefing today, Saturday, the publication that arrived to the parliament a draft various informal and varied in the number and contents of articles and waiting for the official copy signed by the Council of Ministers.

He pointed out that the reason for the failure to adopt a final draft for the difference between the central government and Kurdistan region, noting that the key point on the four Annexes, as the central government wants attached to the first and second on more than 80 giant fields discovered and ready to share national oil company, and not exclusively Of the foreign investor, but the provincial government demanding that the four wanted to be a foreign investor.

Jaber criticized the Oil Ministry signed a contract with a Chinese company to Ahdab despite being subject to supplement the first, pointing out that the first includes the currently producing fields and fields of about 17 and the second for some 80 fields ready for production and protocols relating to the third and fourth discovered undeveloped fields and exploration patches.

He stressed that the Commission applied to the House of Representatives Speaker Mahmoud Mashhadani urged to ask the government to quickly send the draft law.

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Gov spokesman: all blocs approval in principle to the agreement with Washington

The government spokesman Ali Dabbagh said all the political blocs approval in principle to the Security Agreement with Washington, but ruled out signing before the U.S. elections.

Dabbagh said that the final version of the security agreement would be clear after the U.S. elections to be held on the fourth of November next November, at the same time pointing out that a number of Iraqi ministers do not believe that the time before the U.S. elections sufficient to resolve all outstanding problems within the Convention.

In Karbala, Imam and preacher called Friday in the Imam al-Husseini al-Sharif Sheikh Abdel Mahdi al-Karbalai acting slowly in signing a security agreement between Iraq and the United States.

"Sheikh Karbalai The security agreement will affect the future of Iraq and the present must therefore be careful and measured reaction and non-signing of urgency, stressing the need to study all existing items are and what the implications and repercussions at present and the future

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America continues to pressure and threaten to withdraw from Iraq in December
U.S. states continued to exercise intense pressure on Baghdad with the aim to extort payment of the signing of the Security Agreement by all means and ways. America has begun using the method clear threat to the Iraqi government and Iraqi officials.

This was confirmed by the Iraqi Foreign Minister Hoshyar Zebari, who revealed that the American military leadership was informed the Iraqi government as "seriously considering to withdraw" from Iraq if the latter did not sign security agreement with the United States planned by December 31/December next.

It is a blatant and clear the Americans wanted to convey to Iraq that things will get worse if the Iraqis did not succumb to the will of the United States.

Notable in this period, the positions of some parties, the Iraqi Accordance Fjbhp expressed approval of the security agreement is clear.

The Kurdish side of those who sell it to the Convention and the statements of Mr. Massoud Barzani, in Tehran, tend in that direction.

Some even went beyond the Kurdish personalities that showed where fears of serious consequences for refusing to sign security agreement with the United States

This was confirmed by the spokesman for the Kurdistan Alliance in the House of Representatives of Iraq, "Ferjad Raundozy", who expressed fears of a military coup in the country, and "return to the rule of militias" in the absence of security signing of the agreement with the United States. Raundozy said: "I think that one possible scenario that could face the Iraqi people in case of non-Security Agreement signed with Washington was a military coup in the country."

As well as Foreign Minister Zebari, who warned of "consequences of security and political and economic challenges in Iraq and devastating" if Washington decided to withdraw its troops from Iraq not to sign the agreement.

Hence the importance of unity in attitudes especially among members of the United Iraqi Alliance, which has taken review the terms of the agreement and to make observations with it, I have spoken on the news there were some differences within the coalition and that is what we can signaled the end is not in the interest of Iraq if these differences evolved.

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Deputy in the coalition: Security Agreement fraught with several interpretations of the terms unbearable

Deputy United Iraqi Alliance bloc today, Saturday, Khalid al-Asadi "The security draft agreement to be signed between Iraq and the United States charged that the terminology can be interpreted in many ways," noting that "the position of the coalition of the Convention has not imposed from abroad."

Asadi said in an interview with "Uzmatik" that "the Iraqi Coalition serious observations on the draft convention, since it gives the United States is still considerable freedom in airspace, ports and airports in Iraq."

Asadi said that "the latest draft was loaded terms that can be interpreted many ways," which he called "a serious matter could be signed in the problems of the future of Iraq", noting that "the attitude of the coalition principle of the Convention and national convictions stemmed from a national did not come from abroad."

But the lawmaker pointed out that the "mass Coalition with a security agreement with the United States of America," and said "We reject the accusations made against the coalition's position on the adoption of the Iranian and American security Convention."

Al Assadi noted that the "mass with national institutions and includes more than a political and contain elements Guo Tekayaa pressure," adding that "Iran is building a negative attitude from America and a convention does not mean that U.S. and Iraqi Alliance bloc to adopt the same stance."

Iran rejects level and through the security officials sign the agreement between Iraq and the United States. The President informed the Iranian parliament, Ali Larijani, Iraqi Vice President Adel Abdul Mahdi, his country's refusal to sign the Convention and said fixing the long-term American presence in Iraq and the region, during the recent visit of Abdul-Mahdi to Tehran in September.

With gold Gen. Raymond Odierno, who assumed command of U.S. forces in Iraq in mid-September, Gen. David Petraeus, accused Iran of trying to bribe legislators to oppose the Security Agreement, and the Iraqi government criticized the remarks, asked Congress MPs Odierno apologize.

Asadi said that "Iran rejects the Convention and which, as we see necessary in the coalition, provided that the interests of Iraq and does not affect the sovereignty and independence."

The al-Asadi, who has a mass of 83 seats in Parliament, that "the Iraqi negotiator completely independent, and the Iraqi government is behind the negotiating directly," explaining that "the government stipulated the political blocs."

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Insecurity, bad services cause weak banking performance-expert

Iraqi financial expert on Friday said insecurity and lack of services have brought up weak banking performance.

“In spite of relative security improvement, it did not provide convenient environment for prospering economic and financial activities nor it reduced high inflation rates,” financial expert Majid al-Suri.

“High inflation increased services costs in a time basic utilities, such as, electricity, communication transport were expensive,” he added.

The expert attributed a part of the crisis to the psychology of Iraqis, noting “Iraqis have poor banking education and weak banking performance along with liquidity and credit risks concerns”.

“Poor services delivered by banks and weak modern technology machines in administering banking works had its toll on the performance,” the expert stressed.

He said “due to the debt overhang and attachment risk on assets by creditors, public sector banks are still unable to perform international banking”.

Iraq has two public sector banks, including Rafidain and Rasheed banks, which jointly have around two million accounts/deposits and encompass 85 per cent of the Iraqi banking sector assets.

The expert referred to the fact that Iraqi central bank measures to maintain the stability of the market “made it received the ensuing losses and brought in stagnant markets”

“The measures created weak commercial dealing and putt off investors against depositing in banks along with rampant corruption running deep inside government offices”.

Insecurity, bad services cause weak banking performance-expert : Aswat Al Iraq

NBK opens a New Branch at Camp Arifjan to serve American Troops in Kuwait

National Bank of Kuwait the leading bank in Kuwait and the highest rated bank in the Middle East, opened recently a new branch at Camp Arifjan, in tandem with the bank's local strategy to reinforce its domestic presence and reach out to the widest range of clientele. The opening ceremony was attended by a host of the American troops, in addition to the Bank's top management

NBK Deputy Chief ****utive Officer - Kuwait Shaikha Khalid Al Bahar announced the official opening of the new branch and expressed his delight for taking part in the opening ceremony, adding that the new full-service branch has been designed to accommodate the American troops at Camp Arifjan. Al Bahar added "we are very much appreciated the contribution of the United States and the Armed Forces in helping us achieve a sense of freedom and liberty in Kuwait".

"This opening will allow the customers on the camp to enjoy the services of a full-service branch without straining the military work force on the camp", Al Bahar said.

Following the official opening, Deputy Assistant Secretary of the Army (DASD) Financial Operations, John Argodale said that NBK was the only correspondent bank to the Central Bank of Iraq. " NBK was clearly the answer that Camp Arifjan needed to meet the installation commander's requirements. NBK graciously accepted our request to provide full-service banking to support and strengthen the ready strong bond between our two nations", Argodale added.

Al Bahar added that the new branch is fully equipped with sophisticated equipment and latest technologies in banking services.

http://www.zawya.com/Story.cfm/sidZA...%20in%20Kuwait