The Blogiston Post

Politics, money, and war.

Sunday, September 11

No money to follow

Iraqis To Bush - Where Did All Our Money Go?
by Evelyn Pringle
...a United Nations sanctioned audit concluded that about half of the $5 billion in Iraq reconstruction funds could not be accounted for because of poor financial controls, according to the PDF - Development Fund of Iraq-Report of Factual Findings in connection with Disbursements from January 1, 2004 to 28 June 2004, by the International Advisory and Monitoring Board, in September 2004

Until the summer of 2004, the CPA refused to release the names of companies that were awarded contracts paid for with Iraqi funds. Although information was available about US funded contracts, there was no public information available about companies paid with Iraqi money. In August 2004, information was finally made available for contracts valued at more than $5 million. But to this day, no details have been released about contracts worth less than $5 million.

An analysis of the data released in August 2004, showed that the CPA had awarded 85% of the contracts to US and UK firms. By contrast, Iraqi companies received a mere 2% of the contracts paid for with Iraqi funds.

A March 18, 2004 audit report by the Department of Defense Office of the Inspector General, titled, PDF - Acquisition: Contracts Awarded by the Coalition Provisional Authority by the Defense Contracting Command-Washington determined that the CPA and its predecessor, the Office for Reconstruction and Humanitarian Assistance (ORHA), had circumvented federal contracting procedures since the early days of the occupation.



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