An Investigation into the Lost Iraq Billions
Monday, October 27th, 2008A recent BBC investigation estimates that around $23bn may have been lost, stolen or just not properly accounted for in Iraq. The program has used US and Iraqi government sources to research how much some private contractors have profited from the conflict and rebuilding. To date, no major U.S. contractor faces trial for fraud or mismanagement in Iraq. The search for the missing billions also led to a house in west London where Hazem Shalaan lived until he was appointed to the new Iraqi government as minister of defense in 2004. He and his associates siphoned an estimated $1.2bn out of the ministry. They bought old military equipment from Poland but claimed for top-class weapons. Meanwhile they diverted money into their own accounts.