Iraq recovers $20 million from Kuwait
The logo of the National Bank of Kuwait. Photo: Mubasher
Baghdad (IraqiNews.com) – The Iraqi authorities recovered more than $20 million from Kuwait, after the National Bank of Kuwait (NBK) held the amount for more than three decades, according to a statement cited by the Iraqi News Agency (INA).
Head of the Commission of Integrity (COI), Haider Hanoun, said that the COI recovered more than $20.4 million from the funds of the Iraqi embassy in Kuwait, INA reported.
Hanoun elaborated that these funds were held by the NBK, after the severance of relations between Iraq and Kuwait in 1990.
The Iraqi official added that the Iraqi fund responsible for recovering the country’s money announced that the amount has been fully recovered and returned to the state treasury through the Central Bank of Iraq (CBI).
Hanoun indicated that discussions are ongoing with a Swiss law firm to know the amount of Iraqi money in Switzerland to work on their recovery.
Iraq invaded Kuwait during the reign of the late President Saddam Hussein before his forces were expelled a few months later with the help of an international coalition.
The relations between Iraq and Kuwait were restored in 2003 following the overthrow of the regime of Saddam Hussein.