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US 'fails to account' for Iraq reconstruction billions
Key Excerpts from Article on Website of BBC News
Posted: August 3rd, 2010
http://www.bbc.co.uk/news/world-south-asia-10774002
A US federal watchdog has criticised the US military for failing to account properly for billions of dollars it received to help rebuild Iraq. The Special Inspector General for Iraq Reconstruction says the US Department of Defence is unable to account properly for 96% of the money. Out of just over $9bn, $8.7bn is unaccounted for, the inspector says. Much of the money came from the sale of Iraqi oil and gas, and some frozen Saddam Hussein-era assets were also sold off. The money was in a special fund administered by the US Department of Defense, the Development Fund for Iraq (DFI), and was earmarked for reconstruction projects. But the report says that a lack of proper accounting and poor oversight makes it impossible to say exactly what happened to most of it. "The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss," the report said. This is not the first time that allegations of missing billions have surfaced in relation to the US-led invasion of Iraq and its aftermath. In 2005, the inspector general criticised the Coalition Provisional Authority, the US-led occupation administration, for its management of an $8.8bn fund that belonged to the Iraqi government. A criminal investigation conducted led to the conviction of eight US officials on bribery, fraud and money-laundering charges.
Note: For a collection of major media articles showing how the US military has repeatedly failed to account for hundreds of billions of dollars, click here.
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