Iraq provisional authority unable to account for 8.8 billion dollars

WASHINGTON (AFP) - The former US-led Coalition Provisional Authority headed by American Paul Bremer lost track of nearly nine billion dollars it transferred to Iraqi government ministries to a black hole of fraud, kickbacks and fund misappropriation, according to Time magazine.
In a report to hit US newsstands Monday, Time reports that the CPA left “large portions of the 8.8 billion Iraqi treasury open to fraud, kickbacks and misappropration of funds,” citing a US inspector general’s audit. The report was written by the inspector general for Iraq reconstruction Stuart Bowen, a high-powered lawyer from Texas, it said.

(more…)