Iraqi funds threatened litigation
BAGHDAD (Agencies): Parliamentarians and experts fear the economy go from Iraqi funds deposited in the Development Fund for Iraq to third parties, countries and people filed lawsuits against Iraq, calling for compensation after the lifting of protection from Iraqi funds in June next year.
He has been the development of the Fund after the U.S. invasion of Iraq in 2003 to protect Iraqi funds from any prosecutions.
And raised this issue during the meetings of the Parliament when discussing the draft law claims settlement agreement between Iraq and the United States, which aims to end all lawsuits filed in federal courts and the rest of American courts from the presence of American citizens against the Baghdad government.
Views were divided between the House of Representatives in Parliament are welcome to this Convention and Exhibition them, Venwab a coalition of state law and the Iraqi List and the Kurdistan Alliance emphasize the importance of the Convention in the protection of Iraqi funds, while rejected by the Sadrists.
And describes an MP for the Sadr movement Maha league refuses to Convention “contained in disregard of the blood of Iraqi people.”
Conversely adviser says the Iraqi Central Bank the appearance of Mohammed in favor of the island revealed that the decision of the Security Council 960 of 15 December 2010, and on to remove Iraq from Chapter VII to the effect that Iraq receives all its funds from oil revenues without the supervision of UN, as was the case within the Development Fund for Iraq.
The Fund was established under resolution 1483 and all funds deposited by Iraq’s oil revenues and seized funds prior to 2003, and deducted from 5% to pay compensation to Kuwait
The end of protection
He adds that the decision in favor of 960 set June 30 as the date for the abolition of the Development Fund, and allow the Iraqi government, the disposition of oil revenues.
But the important thing – the consultant said – in the resolution that the funds were protected under the 1483 resolution of any claims or legal proceedings against Iraq, especially as there is a lot of trade creditors, individuals and companies are seeking compensation because of being affected by the events in Kuwait in 1990.
Iraq had only files of more than 13 thousand and 160 commercial creditors in 2006, was done according to the Paris Club terms.
And warns the Chancellor that a third party called “hunters wealth” bought the assets to creditors, individuals and companies at a discount given, and identify opportunities to claim the full debt without any settlement.
And enable the party to obtain judicial decisions of interest, and just waiting before the lifting of protection from Iraqi funds to begin implementation of these decisions.
And on the Draft Convention on the settlement before the Parliament for approval, “says Saleh said that under a presidential decree issued by former U.S. presidents George Bush and current Barack Obama suspended prosecutions of individuals and companies Americans demanding reparations from Iraq.
After negotiations has been reached to reduce the amount of compensation to a great extent, the total amount of compensation in such cases only four hundred million dollars, that is waived for claims and end the follow-ups.
In the view of the appearance of Mohammed Saleh said that this agreement is not sufficient to protect Iraqi funds, where the creditors are not known yet, it is possible to raise their cases after the lifting of protection.
The economic expert, Iraqi Nazem Shammari confirms that finding agreement governing the disposition of such funds and returned to Iraq without be construed to points of her claims is very important after the lifting of protection for these funds.
He called Shammari said in an interview with the AP the Iraqi government to take the initiative to conclude an agreement guaranteeing the rights of Iraq and return all of his money without going to any party