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Oil Ministry wins lawsuit, regains $47.7m

July 30, 2009 - 12:30:52

BAGHDAD / Aswat al-Iraq: The Iraqi Ministry of Oil has won a lawsuit against a number of foreign companies withholding $47.757 million of the ministry’s funds in accordance with resolutions made in 1990.

“The ministry has regained $47.757 million, which has been held in a deposit account at the Intesa Sanpaolo Bank, London branch , since 1990,” a statement received by Aswat al-Iraq news agency quoted a ministry official as saying.
“The amount was allocated to build an Iraqi-Saudi oil pipeline,” the statement noted.
The money has been transferred to the account of the Central Bank of Iraq (CBI) in the Development Fund for Iraq (DFI), the statement explained.

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