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Iraq Finances

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NEWS
March 23, 1991 | From Associated Press
Iraq hid $3 billion to $5 billion in foreign bank accounts that have not been frozen by the United States and its allies, a newspaper reported Friday. Some of the funds were moved into bank accounts with indirect links to Iraq just before Iraq invaded Kuwait on Aug. 2 and later after Iraq's official accounts were frozen, the Wall Street Journal said, quoting an unidentified source. The source also said Iraq holds more than $1 billion in stock in numerous European companies.
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NEWS
March 1, 2000 | From Times Wire Reports
Calling him a "mad dictator," the State Department said Iraqi President Saddam Hussein has been building palaces worth billions of dollars for himself and his supporters while protesting that his country is being impoverished by U.N. economic sanctions. In addition, U.S. spokesman James P.
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NEWS
March 22, 1992 | From Associated Press
An Italian bank whose Atlanta office gave $4 billion in loans to Iraq in the 1980s wants some of the money back but has run into opposition from the federal government. The U.S. Department of Agriculture, which guaranteed $900 million in loans made by Banca Nazionale del Lavoro, is refusing to pay the bank the $350 million still outstanding until it gets assurances that the loans are legal. Rep. Henry B. Gonzalez (D-Tex.
NEWS
March 21, 1999 | From Times Wire Services
A day after pressuring Saudi Arabia to take them in, the Iraqi government ordered 18,000 Iraqi pilgrims home Saturday after Saudi officials refused to use frozen Iraqi funds to pay for the annual hajj pilgrimage. The kingdom provided the pilgrims with visas and made all arrangements to house and transport them, but they left without performing any of the rituals, saidSaudi Interior Minister Prince Nayif ibn Abdulaziz.
NEWS
March 21, 1999 | From Times Wire Services
A day after pressuring Saudi Arabia to take them in, the Iraqi government ordered 18,000 Iraqi pilgrims home Saturday after Saudi officials refused to use frozen Iraqi funds to pay for the annual hajj pilgrimage. The kingdom provided the pilgrims with visas and made all arrangements to house and transport them, but they left without performing any of the rituals, saidSaudi Interior Minister Prince Nayif ibn Abdulaziz.
NEWS
October 3, 1992 | STANLEY MEISLER, TIMES STAFF WRITER
In another burst of impatience with Saddam Hussein, the U.N. Security Council ordered the seizure of frozen Iraqi oil assets Friday to help pay for all that Iraq owes the United Nations under the cease-fire resolutions ending the Persian Gulf War.
NEWS
December 26, 1990 | Reuters
The Iraqi government, which barred foreign aircraft from collecting hostages, earned about $1 million from the final airlift taking them home, an Iraqi Airways official said Tuesday.
NEWS
August 8, 1991 | From Associated Press
The five permanent Security Council members agreed Wednesday to authorize Iraq to sell as much as $1.6 billion in oil over six months to buy food, humanitarian supplies and pay war damages. The resolution--rejected by Baghdad because it virtually strips Iraq of control over its oil revenue--won general agreement from the United States, Britain, China, France and the Soviet Union, according to Western diplomats.
NEWS
August 16, 1991 | NORMAN KEMPSTER, TIMES STAFF WRITER
Responding to reports of starvation and medical emergencies in postwar Iraq, the U.N. Security Council on Thursday authorized Baghdad to sell up to $1.6 billion worth of oil under conditions that will require every penny to be spent on food, medicine and the costly aftermath of the Persian Gulf War. The Bush Administration said Iraq's response to the Security Council's vote will demonstrate whether President Saddam Hussein's government really cares about its people. Iraq protested the U.N.
NEWS
June 4, 1991 | From Times Staff and Wire Reports
The United States will ask the U.N. Security Council to confiscate 50% of Iraq's future oil revenues to pay Persian Gulf War reparations instead of the 30% recommended last week by U.N. Secretary General Javier Perez de Cuellar. "We do not think that the 30% level suggested is adequate to compensate on a timely basis Kuwaitis and the others who have suffered so grievously at Iraq's hands," State Department spokeswoman Margaret Tutwiler said.
NEWS
March 4, 1998 | ROBIN WRIGHT and JOHN DANISZEWSKI, TIMES STAFF WRITERS
Iraq is effectively diverting hundreds of millions of dollars annually to prop up President Saddam Hussein's regime through a United Nations humanitarian aid program that soon will more than double, U.S. officials and oil analysts say. Baghdad is gaining access to new revenue through the U.N. "oil-for-food" program that has let Iraq since 1996 sell $2 billion in oil every six months to buy food and medicine to alleviate the Iraqis' suffering.
NEWS
May 24, 1996 | ROBIN WRIGHT, TIMES STAFF WRITER
President Saddam Hussein had planned to resist the United Nations deal to resume Iraqi oil sales to feed his suffering population and had even drawn up plans to make massive cuts in his military to free up resources, senior U.S. officials said Thursday. Hussein reluctantly relented only when it appeared that he would soon have to begin carrying out cutbacks in the military machine that is the most powerful in the Persian Gulf region--and is the prop that has kept him in power.
NEWS
January 24, 1995 | ROBERT L. JACKSON, TIMES STAFF WRITER
The Justice Department cleared the George Bush Administration Monday of any wrongdoing in the so-called "Iraqgate" affair, releasing an internal department report saying that no evidence could be found of any criminal conduct beyond that of six U.S.-based employees of an Italian bank who have been convicted of illegal transactions. The department's report, more than a year in the making, dismissed allegations by the bank's convicted Atlanta manager, Christopher P.
NEWS
October 3, 1992 | STANLEY MEISLER, TIMES STAFF WRITER
In another burst of impatience with Saddam Hussein, the U.N. Security Council ordered the seizure of frozen Iraqi oil assets Friday to help pay for all that Iraq owes the United Nations under the cease-fire resolutions ending the Persian Gulf War.
NEWS
May 24, 1992 | DOUGLAS FRANTZ and MURRAY WAAS, SPECIAL TO THE TIMES; Frantz, a Times staff writer, reported from Atlanta. Waas, a special correspondent, reported from Washington
Nearly three years after FBI agents raided the Atlanta branch of an Italian bank that provided billions of dollars to Iraq, the mystery surrounding the politically charged case is deeper than ever. Classified documents and interviews indicate that American officials were aware well before the raid that, late in the Iran-Iraq war and afterward, the Banca Nazionale del Lavoro's tiny branch in Atlanta was funneling huge loans to Iraq's clandestine international arms procurement network.
NEWS
March 22, 1992 | From Associated Press
An Italian bank whose Atlanta office gave $4 billion in loans to Iraq in the 1980s wants some of the money back but has run into opposition from the federal government. The U.S. Department of Agriculture, which guaranteed $900 million in loans made by Banca Nazionale del Lavoro, is refusing to pay the bank the $350 million still outstanding until it gets assurances that the loans are legal. Rep. Henry B. Gonzalez (D-Tex.
NEWS
June 1, 1991 | STANLEY MEISLER, TIMES STAFF WRITER
U.N. Secretary General Javier Perez de Cuellar, defining the punitive measures against the aggressive Saddam Hussein regime more clearly, set a maximum limit of 30% Friday on the amount of oil revenue that Iraq will have to divert to pay victims for damage caused by its invasion of Kuwait. The figure was less than the 50% proposed by some American officials but about what most analysts had expected.
NEWS
February 16, 1991 | From the Associated Press
Here is a partial text of the Iraqi communique issued Friday by the Revolutionary Command Council, translated from Arabic by the Associated Press. O dear Iraqis! O honorable Arabs! O Muslims, believers in true Islam! O honorable free people of the world! . . .
NEWS
November 28, 1991 | ART PINE, TIMES STAFF WRITER
Iraq is exporting massive amounts of goods in violation of U.N. sanctions and using the money it earns to buy food, medicine and luxuries for army units crucial to keeping Iraqi President Saddam Hussein in power, Senate investigators reported Wednesday. A study conducted by the Senate Foreign Relations Committee found commerce moving freely across Iraq's borders with Iran, Jordan and Turkey.
NEWS
November 24, 1991 | NICK B. WILLIAMS Jr., TIMES STAFF WRITER
Iraqi authorities Saturday freed a British businessman held for nearly six years on bribery charges, ending a freeze on some of Baghdad's badly needed funds impounded in London since Iraq's invasion of Kuwait in August, 1990. Prince Sadruddin Aga Khan, the top U.N. envoy to Saddam Hussein's regime, broke the news at a press conference in Baghdad, announcing that Ian Richter, 45, a chemical engineer, had been turned over to his care. Richter is expected to leave Iraq today.
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