UN watchdog: $22 mln missing in Iraq contracts

[sabra]

http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-11-07T022008Z_01_N06319105_RTRIDST_0_IRAQ-UN-CONTRACTS.XML&rpc=66&type=qcna

UN watchdog: $22 mln missing in Iraq contracts

WASHINGTON, Nov 6 (Reuters) - An audit of 15 noncompetitive contracts paid for by U.S. government agencies with Iraqi oil money was unable to account for $22.4 million in funds, a U.N.-led watchdog said on Monday.

The audit by KPMG, ordered by the International Advisory and Monitoring Board, or IAMB, said in some cases Iraq did not receive goods, there were "unreconciled payments" and there was no evidence that steps were taken to fix previously reported problems.

The contracts varied, from oil pipeline security, police and military training, printing of the new Iraqi currency to the purchase of vehicles and food.

"In view of these findings, the IAMB recommends that the Iraqi government seek resolution with the U.S. government concerning the use of resources of the (Development Fund for Iraq), which might be in contradiction with the UN Security Council Resolution 1483," the board said in a statement posted on its Web site.



But the audit noted that transportation costs incurred by the Halliburton unit for fuel supplies to Iraq between May 2003 and March 2004 were very high, in some cases as much as 86 percent of the total contract costs.

[NOLADEM]

1. Pffft...$22.4M was stolen from Iraq and/or the American Treasury in the time it took me to type this

[leesa]

2. Check Unka Dick's pockets..."full speed ahead!"

[leftofcool]

3. So what else is new? eom

[pinerow]

4. Louie says..."I'm shocked that there is gambling here", to which the crouper said. "Sir,

here are your winnings"...:rofl: