Daily Post Comment: Allies Must Account for Iraqi Billions

Article excerpt

IF TRUE, the claim that billions of dollars of Iraq's own oil money have ``gone missing'' while in the care of occupyingBritish and US coalition powers,could be more damaging than anything that has gone bef ore since Saddam Hussein's overthrow 13 months ago.

Two independent reports from responsible and reputable sour ces conclude that it is impossible to tell with any accuracy -on the basis of records available -how at least pounds 11bnof Iraq's oil revenue has been spent . . .or,indeed,exactly how much revenue has been earned at all. It could be much more. From these inadequate records,according to the Liberal Democrats,it would appear there might be a disparity or shortfall of around pounds 2bnbetw een the amount of oil revenue received and the amount paid into the Development Fund for Iraq (DFI).

It will be remembered that the UN stipulated that DFI monies were to be used ``in Iraq's best interests''. The UN,Iraq and most of the rest of the world also presumed that all oil revenue was to be paid into the DFI.

However,it should also be recalled that President George W Bush was adamant that some money should be returned to the US as reparation,in the guise of lucrative construction contracts awarded to US firms. The potential conflict in interpretation thereby ine vi tably spawned by a resolution so loosely worded was to be resolved by an independent audit. …