August 26, 2024  Baghdad/Iraq Observer   A secret report prepared by the Iraqi General Tax Authority revealed the full story of the theft of tax deposits, or as it is known as the “theft of the century,” while  highlighting the role of Nour Zuhair, the most prominent accused of the theft.

 According to the report, which was reviewed by “Iraq Observer”, “after auditing the Authority’s deposit account in Rafidain Bank No. (60032), the facts contained became clear to us,” indicating that “during the period from (September 9, 2021) to (August 11, 2022). ) A total amount of three trillion, 701 billion and 380 million Iraqi dinars was withdrawn from the tax deposit account.

 He added,  “The amount was withdrawn using 247 bank instruments by third parties that do not represent the original depositing parties nor the General Tax Authority,” pointing out that  “the parties to whom the total amount was disbursed are five companies, namely:

 A. Al Qant General Contracting

for. Humpback Whale General Trading

T. Baghdad Winds General Trading

 Th. Innovators for oil services

C. Badia Al Masaa General Trading.

According to the confidential report prepared by the General Tax Authority, it was found that  “the five companies in whose names these amounts were withdrawn are owned by only two people, namely Nour Zuhair Jassim and Abdul Mahdi Tawfiq Mahdi.”

The report indicates that  “during the period referred to (September 9, 2021 to August 11, 2022), the five companies withdrew the amounts listed below:

A. Al-Qant General Contracting Company:  1.185 trillion dinars

 for. Humpback Whale General Trade Company:  982 billion dinars

 T. Badia Al Samaa General Trading Company:  624 billion dinars

 Th. Baghdad Winds General Trade Company:  477 billion dinars

 C. Mbdoun Oil Services Company:  433.015 billion dinars

 He stated that “all the amounts withdrawn from its bank account were withdrawn in cash and by hand,” pointing out that  “the largest instrument disbursed was in the amount of 44 billion dinars, and that the smallest instrument was in the amount of 10 million dinars, and the  companies that withdrew the funds had no tax deposits.”

He noted that  “the five companies are newly established companies with small capitals.  The two companies, Al-Qant and Mbdoun, were founded in 2021, and  the other three companies were recently established.”

Iraq Is The Ninth Country In The World To Buy Gold In 2024

 Recent statistics revealed that Iraq ranked ninth globally among the top 10 countries buying gold this year. Gold refers to converting foreign currency reserves into gold.

According to statistics, Iraq bought 100 tons of gold this year, coming in ninth out of the top 10 countries buying gold this year, compared to 1298 tons bought by Russia, as interest in buying gold is increasing amidst rising geopolitical tensions and economic fluctuations.

Gold hit an all-time high of $2,531.75 an ounce after breaking above $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.

19 Trillion Dinars in the Wind: Where Does Iraq’s Electricity Money Go?

August 25, 2024   Baghdad/Al-Masala: The electricity problem in Iraq is one of the most prominent issues that has troubled citizens and aroused their discontent over many years.

Despite the enormous natural resources and large budgets allocated to this sector, the electricity situation is still suffering from severe deterioration.

Iraq suffers from a severe shortage of electricity with increasing demand, which directly affects the daily lives of citizens and hinders economic and social development in the country.

The electricity dilemma in Iraq is manifested through continuous power outages and the instability of the electrical grid, which causes widespread discontent among citizens.

This situation raises many questions about how the funds allocated to improve the electricity sector are spent, especially with the continuous increase in financial allocations to this sector.

In 2023, the Ministry of Electricity’s allocations amounted to about 15 trillion dinars, while it rose to about 19 trillion dinars in 2024. However, the country’s energy production levels are still at their lowest.

Retired electrical engineer Ali Al-Hussain spoke about the reasons behind this worsening crisis, saying: “From my experience in this field, I can say that the main problem lies in corruption and mismanagement.

There are projects that were announced but were not implemented on the ground, and others were implemented at exorbitant costs without achieving tangible results.

In addition, there is a lack of good planning and an unfair distribution of available energy, which leads to the damage of areas most in need of energy, such as Karbala, which received millions of pilgrims during Arbaeen and was unable to provide stable electricity.”

Citizen Ahmed Al-Ali expressed his dissatisfaction with the current situation, saying: “We are paying the price for mismanagement and corruption. How can we spend all this money and not see any improvement in the electricity situation?

Life has become very difficult with the frequent power outages, and our children suffer in the extreme heat in the summer and the bitter cold in the winter. We demand that those responsible be held accountable and that radical solutions be provided to this disastrous situation.”

Corruption And Mismanagement

Statements by the member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, indicate the existence of major suspicions of corruption in the management of the electricity file in Iraq, as he described the allocations of the Ministry of Electricity as “the theft of the century.”

Al-Khafaji called for the Minister of Electricity to be questioned to investigate the country’s deteriorating energy situation, which reflects a general dissatisfaction with the government’s performance in this area. Corruption and mismanagement do not stop at inefficient spending, but extend to the lack of effective oversight mechanisms to ensure that funds are properly directed and projects are implemented efficiently.

As the electricity situation in Iraq continues to deteriorate, a solution remains elusive unless corruption and mismanagement are seriously addressed.

There is an urgent need for comprehensive structural reforms in the electricity sector, including the development of long-term strategic plans and the activation of the role of oversight and accountability to ensure the improvement of electricity services for citizens, while Iraq needs wise leadership and bold decisions to save this vital sector from the ongoing crises and achieve sustainable development

Parliament Knows Nothing About The “Saudi Investment Protection” Law.. What Is Its Impact On Iraq? – Urgent

Economy | Baghdad Today – Baghdad  Member of Parliament, Jawad Al-Yassari, confirmed today, Monday (August 26, 2024), that Parliament does not know the details of the Saudi Investment Protection Law that is scheduled to be legislated during the next stage.

Al-Yassari told Baghdad Today that “the Iraqi parliament has not yet reviewed the Saudi investment protection law that is scheduled to be legislated during the next stage,” noting that “it is certain that this law will go through several stages of study and discussion before it is passed.”

He added, “Iraq has good investment laws, and we do not believe that there is a need to legislate an investment law specific to a particular country,” noting that “this step will open the door to the country that wants its own law, and this will be at the expense of Iraq, as there are fears about this matter.”

He added: “But there may be agreements to protect investors’ money, and this is a natural right for any investor, especially since Iraq is going through conditions that are still unstable.”

He continued: “We are waiting for the draft law to be presented to the House of Representatives, which will be submitted by the government, for the purpose of reviewing it and knowing its paragraphs and what they include, so that it can be discussed to determine the extent of the necessity of legislating such a law specific to Saudi investments, and how it is possible to protect those investments with a law that is binding on Iraq to implement.”

Iraq is preparing a draft law to protect Saudi investment, with the aim of submitting it for discussion in Parliament, in preparation for its approval in the coming months, with the aim of enhancing economic cooperation between the two countries.

This was announced during a meeting between the Chairman of the Federation of Saudi Chambers, Hassan bin Mujib Al-Huwaizi, and the Chairman of the Iraqi-Saudi Friendship Committee in the Iraqi Parliament, Shaalan Al-Karim, and his accompanying delegation, as part of an official visit to the Kingdom.

Regarding the impact of the law, experts confirm that after its approval, there will be a gradual increase in the level of trade exchange between the two countries, which currently exceeds approximately one billion US dollars per year, with a growth rate estimated at around 10% annually.

On July 18, 2023, the Iraqi Council of Representatives postponed voting on (the draft law to ratify the agreement on the encouragement and mutual protection of investments between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia), and it has not been included on the Council’s agenda yet.

Economic relations between Iraq and Saudi Arabia are diverse in different fields, especially in the energy sector; where a $27 billion agreement was signed last year to develop a solar power plant, with the participation of Total Energies, and the Saudi company ACWA Power was invited to join part of this deal.