Iraq probes missing $17B reconstruction funds

AP News
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Posted: Jun 22, 2011 8:20 AM
Iraq probes missing $17B reconstruction funds

Iraqi lawmakers say they are trying to figure out what happened to about $17 billion that was supposed to be used for reconstruction.

Iraq's parliament speaker is to meet Wednesday in Washington with Vice President Joe Biden to discuss several issues, including the missing Iraqi money administered by the U.S.

Bahaa al-Araji, the head of parliament's integrity committee, said Iraqi auditors and general inspectors have been investigating how the money was spent and found huge irregularities.

Iraq's new figure for the unaccounted funds is much higher than the $8.7 billion mentioned in a report last year by the U.S. watchdog for reconstruction spending.

The money had come from Iraqi oil sales and frozen Saddam Hussein-era assets.