Wednesday Evening Iraq Economic News Highlights 10-19-22

Companies Involved In The Theft Of Tax Deposits Are Not Registered In The Social Security Law

October 19, 2022   Baghdad / Obelisk: Documents obtained by the obelisk revealed, on Wednesday, October 19, 2022, that the Humpback Whale Company is not registered under the Social Security Law and its founder Ali Jassim Muhammad.

The documents indicate that “the Humpback Whale Company is not registered under the Social Security Law, and its founder, Ali Jassim Muhammad.”

The documents included:

First: The Humpback Whale Company.

1- The company is not registered under the provisions of the Social Security Law.

2- We were contacted at the phone number (07716742200) which is installed in the Companies Registrar's database, and the owner of the number claimed that he had nothing to do with the company.

With the offer, the above figure also belongs to the Baghdad Wind Company.

The inspection committee was instructed to conduct an urgent visit to the project according to the mentioned address, and the company's location was not inferred because it is located within a residential area, which is Mr. (Ali Jassim Muhammad).

3- Project address, Baghdad, Bab Al-Moadham, M. 119, D. 34, D. 15.

Second: Baghdad Wind Company.

1- The company is not registered under the provisions of the Social Security Law.

2- When referring to the Companies Registrar Department database, it was found that the founder of the company is Mr. (Abd Ali Selim).

3- Project address Baghdad Al-Saadoun M 102 G 9 D 12.

4- The Inspection Committee was directed to make an urgent visit to the project according to the above address.

Third: Al Qant General Contracting Company.

1- The company is included under registration number 714275 as of 01/10/2003 and the last payment is 30/6/2022.

2- The last visit to the company was until 31/3/2022 with only one worker. The new owner (Mohammed Falah Abdullah) was assigned the initiation responsibility as of 9/11/2020.

3- The company has been granted a number of parking safety letters to the General Tax Authority.

The company has a contract (supplying materials and carrying out construction works for the parking lot of civil defense vehicles for the Ministry of Science and Technology) with a movement of work (17 workers) for the period from 3/3/2013 to 11/4/2013. completed contract. 5- There are no new contracts for the company except for the above contract according to the company’s final accounts.

Fourth: The Creators Oil Services Company.

1- The company is included with us under registration number (10206027) and as of 1/1/2017 and the subscriptions have been paid until 31/12/2020.

2- The company has been granted a number of position safety letters to the General Tax Authority.

3- The last visit to the project was until 31/8/2020, and the competent inspection committee was directed to conduct an urgent visit.

4- There are no contracts with the company, according to the subscriptions database

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After The Theft Of Trillions Of Taxes, The Parliamentary Transport Reveals A "Scandalous Scandal"

Shafaq News/ The head of the Parliamentary Transport and Communications Committee, Zahra Al-Bajari, accused today, Tuesday, Oil Minister Ihsan Abdul-Jabbar and officials in the ministry of being involved in Iraq's loss of more than 820 billion dollars.

Al-Bajari said in a statement received by Shafaq News Agency, "At a time when the Iraqi public is preoccupied with the scandal of theft of 3.7 trillion dinars from the secretariats of the General Tax Authority, there is a resounding scandal and more stubborn of its heroes, the Minister of Oil of Al-Kazemi's government and two general managers in the Ministry of Oil."

And she indicated that "according to an audit report issued by the Federal Financial Supervisory Board in the number: N/14/28/10/5798, it was mentioned in paragraph (g) of it under the title of contract amendments, which is the contract concluded with the British companies BP and China's Petrogina to develop The Rumaila oil field in Basra, these amendments cost Iraq losses estimated at 825 billion and 520 million and 500 thousand dollars, which cannot be counted, and it needs specialized international financial companies to determine the real losses.

Al-Bajari added, "Among the shortcomings - which rise to the level of the crime of high treason - in the amendments made to the aforementioned contract, the share of the government partner (the Iraqi Oil Marketing Company SOMO) decreased from 25% to 6%, and this means that Iraq lost 19% of his share, and the term of the contract was increased after the amendments from 20 years to 25 years, so we will be in one of the largest crimes committed against the Iraqi economy, which depends more than 90% of its revenues on oil.”

In addition, the amendment included a decrease in stable production at the net production rate from two million and 850 thousand barrels per day of oil and natural gas for the stable production period to two million and 100 thousand barrels per day, and this means a loss of oil revenues at a rate of 750 thousand barrels per day. The amendment also included the postponement of The period of continuous production from 1/1/2016 for a period of seven years according to the contract to 31/12/2019 with a delay period of four years.

Al-Bajari pointed out that "the above-mentioned financial control report confirmed that all amendment procedures are in favor of foreign companies without taking into account the main reason for concluding contracts (which is to develop and increase oil production). Therefore, we call on the public prosecutor and the just Iraqi judiciary to take urgent action regarding this scandal and open extensive investigations to hold the officials involved accountable. ".   LINK

The Iraqi Parliament Is Preparing A Report On The "Stealing Of The Century" And Warns That The Accused Will Be Out On Bail

Shafaq News/ The Parliamentary Integrity Committee announced, on Wednesday, that it will prepare a detailed report on the theft of two and a half billion dollars from the amounts of tax trusts in the Rafidain Bank.

This came in a press conference held by Sarwa Abdel Wahed, a member of the Parliamentary Integrity Committee, at the parliament building, with the participation of a number of committee members, and was attended by Shafak News Agency correspondent.

During the conference, Abdul Wahed said that the Integrity Committee will have a report to diagnose the main official responsible for the theft of the century, and everyone is responsible, indicating that the Iraqi judiciary must play an active role and the accused cannot be released on financial bail.

She called for the necessity of diagnosing all those involved in the theft, adding that there was talk about the former head of the Finance Committee and he is now an advisor to the Prime Minister, and the Office of the Prime Minister has a hand in the matter and sent a letter to the Tax Authority, and these, including the Tax Authority, Rafidain Bank and the Office of the Prime Minister must Referring them to the judiciary, banning them from traveling, interrogating them, and arresting the accused.  LINK

A "Rumor" Is Causing A Significant Drop In Dollar Prices In Iraq

2022-10-19 06:59   Shafaq News/ On Wednesday, specialists attributed the decline in dollar prices in the Iraqi markets to rumors and speculators.

The Oasis Exchange Office said in an interview with Shafaq News Agency, "The rumors circulating about the new government's intention to reduce the price of the dollar against the Iraqi dinar to be 130,000 dinars for 100 dollars, and the possibility that it will be returned to its old price prompted citizens to sell their dollar banknotes. This led to a large supply compared to demand in the local markets.

While a government official considered in an interview with Shafaq News Agency that "speculators in the dollar exchange are active in such markets, taking advantage of the government formation process to spread such rumors with the intention of profit."

He pointed out that "what was circulated a while ago by some officials and representatives about the government's intention to change the dollar exchange rate was denied by the Parliamentary Finance Committee," adding that "the Prime Minister in charge of forming the government had previously admitted that there were negative effects on the decision to raise the dollar exchange."

It is noteworthy that the exchange rates of the dollar decreased in the Iraqi markets, for the Kifah Stock Exchange to trade today, Wednesday, at 147,000 dinars, compared to 100 dollars, after it recorded yesterday, Tuesday, the price of 147,600   LINK

Dollar Prices In Baghdad Recorded A New Decline Below 147 Thousand Dinars

Posted On2022-10-19 By Sotaliraq      The exchange rates of the US dollar against the Iraqi dinar continued to decline, today, Wednesday, on the main stock exchange in the capital, Baghdad, to record less than 147 thousand dinars.

Our correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this Wednesday afternoon 146700 Iraqi dinars against 100 US dollars, after it opened in the morning at a price of 147000 Iraqi dinars.

Our correspondent indicated that buying and selling prices decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 147,250 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146250 Iraqi dinars per 100 US dollars.

Specialists attributed the decline in dollar prices in the Iraqi markets to rumors and speculators.

And the Waha Exchange Office said in an interview, “The rumors circulating about the new government’s intention to reduce the price of the dollar against the Iraqi dinar to be 130,000 dinars for 100 dollars, and the possibility that it will be returned to its old price prompted citizens to sell their dollar banknotes, which led to The occurrence of a large supply compared to the demand in the local markets.”

While a government official considered in an interview that "speculators in the dollar exchange are active in such markets, taking advantage of the government formation process to spread such rumors with the intention of profiting."

He pointed out that “what was circulated a while ago by some officials and representatives about the government’s intention to change the dollar exchange rate was denied by the Parliamentary Finance Committee,” adding that “the Prime Minister in charge of forming the government had previously acknowledged the existence of negative effects on the decision to raise the dollar exchange.”

It is noteworthy that the dollar exchange rates recorded yesterday, Tuesday, the price of 147,600 Iraqi dinars, compared to 100 US dollars.    LINK

Iraq Increases Its Holdings Of US Bonds By More Than One Billion Dollars

Shafaq News/ The US Treasury announced, on Wednesday, that Iraq increased its holdings of US bonds to more than one billion dollars during the month of August.

The Treasury said in its latest schedule, seen by Shafak News Agency, that "Iraq's possession of US Treasury bonds for the month of August of 2022 increased by 1.043 billion dollars, or 3.02%, to reach 35.630 billion dollars, after it was 34.587 billion dollars in the month of July," indicating "These bonds rose from the same month last year, 2021, when Iraq's holdings of bonds amounted to $18.9 billion."

And she added, "Iraqi bonds, including long-term guarantees amounting to 23.430 billion dollars and short-term guarantees amounting to 12.200 billion dollars," noting that these bonds represent 0.44% of the world's bonds.

In the Arab world, Saudi Arabia comes at the forefront of the most possessing countries, reaching $122.089 billion, followed by Kuwait with $51.031 billion, the UAE third with $47.767 billion, then Iraq fourth, Oman fifth with $7.134 billion, then Morocco with $3.708 billion.

She pointed out that "the most holder of US bonds is Japan, with a value of 1,199.778 trillion dollars, followed by China, with a value of 971,808 billion dollars, followed by the United Kingdom, with a value of 644.710 billion dollars, and then Luxembourg with 305.974 billion dollars."  LINK