Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Cheney: Middle East Needs Freedom
Tuesday, Mar. 18, 2008 By AP/DEB RIECHMANN Article ToolsPrintEmailSphereAddThisRSSYahoo! Buzz (IRBIL, Iraq) — Vice President Dick Cheney, delving into internal Iraqi politics, pushed a Kurdish leader on Tuesday to play a helpful role in passing legislation to foster national reconciliation and forge a new agreement for U.S.-Iraq relations in years to come.
After a rally with troops, Cheney flew to Irbil in the Kurdish region of northern Iraq for a meeting with Massoud Barzani, head of the regional administration in the semiautonomous area.
"We are certainly counting on President Barzani's leadership to help us conclude a new strategic relationship between the United States and Iraq as well as crucial pieces of national legislation in the days ahead," Cheney said.
Barzani called Cheney's visit a "historic day" in Iraqi Kurdistan.
"We understand very well the importance of this visit," Barzani said. "Indeed, I would like to reinstate our commitment that we will continue to play a positive role in order to build a new Iraq — an Iraq with a foundation of a great federal, democratic, pluralistic free Iraq
"I would like also, Mr. Vice President, to assure you that we are committed to the constitution of Iraq and we will continue to be playing a positive role to be part of the solution, not part of the problem."
It was Cheney's first visit to the Kurdish region. "It's a visit that's long overdue," Cheney said.
He said he and Barzani talked about the overall situation in Iraq as well as what is happening specifically in the Kurdish region. But Cheney did not specifically mention the problems with the Kurdistan Workers' Party, or PKK.
The PKK wants autonomy for the predominantly Kurdish southeastern Turkey, and rebels have carried out attacks in Turkey from bases in Kurdish Iraq. The conflict started in 1984 and has killed up to 40,000 people. The United States has been sharing timely intelligence with Turkey, which recently launched an eight-day ground incursion to attack the rebels.
Cheney focused his remarks on a U.S.-Iraq agreement being negotiated to define the relationship between the two nations in years to come, efforts in Iraq to reconcile the political power among Shiites, Sunnis and Kurds and the need to pass legislation that will lead to a unified government.
Rallying troops after an overnight stay at an air base, Cheney said earlier Tuesday that as long as freedom is suppressed in the Mideast, the region will remain a place of "stagnation, resentment and violence ready for export."
"You and I know what it means to be free," Cheney told the troops at an outdoor rally at Balad Air Base.
"We wouldn't give such freedoms away and neither would the people of Iraq or Afghanistan, but in both of those countries, they're facing attack from violent extremists who want to end all democratic progress and pull them once again in the direction of tyranny.
"We're helping them fight back because it's the right thing to do and because it's important to our own long-term security," Cheney said. "As President Bush has said, the war on terror is an ideological struggle and as long as this part of the world remains a place where freedom does not flourish, it will remain a place of stagnation, resentment and violence ready for export."
After the rally, Cheney, the highest ranking U.S. official to overnight in Iraq, flew to Irbil for his meeting with Barzani.
Later in the day, Cheney was flying to Oman, the next stop on a 10-day trip to the Mideast, which also will include visits to Saudi Arabia, Israel, the Palestinian territory and Turkey.
Cheney and his wife, Lynne, slept in a trailer set up for VIPs at the air base about 40 miles northwest of Baghdad, then had breakfast with some of the 20,000 U.S. troops on the base, which supplies food, fuel, bullets and other items — from toilet paper to military hardware — to all operations in Iraq. It was Cheney's second overnight in Iraq. He spent a night last May at Camp Speicher, a base near former leader Saddam Hussein's hometown and about 100 miles north of Baghdad.
Noise from mortar and artillery shells fired from the base interrupted sleep during the pre-dawn hours Monday, but base officials said later the shelling was routine — used to keep pressure on ground miles off base where insurgents have been active before.
Cheney said he was already up when he heard the explosions. "Nobody came running in to wake me up," he said as he loaded his plate with sausage, bacon and eggs, and hash browns. He and his wife and daughter, Liz, who also spent the night at the base, had breakfast with a dozen or more troops, and Cheney presented two bronze stars awarded for valor.
OPEC monopoly threatens to put oil on boil The Times Of India
WASHINGTON: For much of its 47-year existence, the Organization of the Petroleum Exporting Countries (OPEC) has been a cartel in name only. It could not control oil prices because many of its members regularly breached the production quotas that were intended to regulate the market. So OPEC followed oil prices up and down, as supply and demand shifted. But now OPEC may...
For the occasion of the Second National Conference of political forces
نجاح مشروع المصالحة الوطنية، ضمان لإحلال الأمن والإستقرار وبناء وطننا The success of the draft national reconciliation, guarantee of peace and stability and build our nation
اعلن بيان للحكومة إن المؤتمر الوطني الثاني للقوى السياسية سيعقد في بغداد هذا اليوم ويستمر يومين. The statement by the Government that the Second National Conference of political forces will take place in Baghdad today and lasts two days. وانه سيعقد تحت شعار "معاً لوحدة القوى الوطنية لتحقيق الأمن والإعمار وإستكمال السيادة" بحضور شخصيات سياسية عديدة، يهدف الى تفعيل دور القوى المختلفة في العملية السياسية من أجل المساهمة الإيجابية في المصالحة الوطنية وبناء العراق والإسهام في العملية السياسية ودعم جهود الحكومة في المجال الأمني، إضافة الى إستكمال السيادة والإعمار وبناء دولة المؤسسات والقانون، عبر إسهامهم، ودورهم المتوقع، في الإنتخابات لتوسيع دور هذه القوى وتمثيلها السياسي كما جاء في البيان. It will be held under the slogan "Together for the unity of nationalist forces to achieve security, reconstruction and completion of sovereignty" in the presence of numerous political figures, aimed at activating the role of various forces in the political process for the positive contribution to national reconciliation and rebuilding Iraq and to contribute to the political process and to support the Government's efforts in the area of security, as well to complete sovereignty, reconstruction and building a state of institutions and law, through their contribution, and expected role, in the elections to expand the role of these forces and political representation as stated in the statement.
وكان الحزب الشيوعي العراقي قد رحب باعلان مشروع المصالحة من قبل رئيس الوزراء، واعتبره خطوة مهمة واساسية في اتجاه تطبيع الاوضاع واستخدام الحوار وسيلة للانتقال بالبلاد الى اوضاع افضل، خاصة ان المشروع جاء في وقت تمسّ فيه الحاجة اليه. The Iraqi Communist Party has welcomed the announcement of the reconciliation project before the Prime Minister, I consider important and essential step towards normalization of the situation and the use of dialogue as a means to move the country to a better situation, especially that the project came at a time when much needed. وهو يمثل طريقا للتوصل الى تسوية سياسية تضمن مصالح الجميع، ومن شأن نجاح المشروع ان يجتذب المزيد من القوى للمشاركة في العملية السياسية، ويخلق اجواء ثقة بين كل الاطراف، بما يساعد على حصول انفراج حقيقي في الوضع السياسي. It is a way to reach a political settlement to ensure the interests of all, and the success of the project to attract more forces to participate in the political process, and creates the atmosphere of trust between all parties, including helping to obtain a real breakthrough in the political situation.
وبرغم مرور ما يقرب من سنتين على اطلاق المصالحة، إلا انها ظلت تحتفظ باهميتها وراهنيتها، لاسيما ان البلاد ما زالت تمر بفترة صعبة وحرجة، فيها الكثير من الشد والتعقيد وعدم التوافق بين الكتل السياسية المختلفة، وهو ما يتجلى اليوم بشكل واضح في قضية تشكيل الحكومة او اعادة ترميمها، وفي الخلاف على ملفات اخرى ومنها التعديلات الدستورية. Despite the passage of nearly two years to launch reconciliation, but it has maintained its importance and Rahniha, especially as the country is still going through a period of difficult and critical, it has a lot of wear and complexity and incompatibility between the various political blocs, which is reflected today is clearly in the case of forming the government or re renovation, and the controversy about the files and from other constitutional amendments.
نحن نرى ان الظرف الحرج، والدقيق، الذي يمر به شعبنا ووطننا يستدعي من الجميع الارتقاء الى مستوى المسؤولية الوطنية، وتفويت الفرصة على من يريدون سوءا بوطننا وشعبنا، وهذا يستلزم العمل على اشاعة روح التآخي والتآزر والمحبة والتحلي بالحكمة والتروي وترجيح العقل والتعامل الواقعي، والابتعاد عن التعامل مع القضايا الوطنية الكبرى بحسابات الربح والخسارة، لتحقيق مصالح ضيقة، ،شخصية او حزبية او طائفية او غيرها، دون ادراكه خطورة الاوضاع وحساسيتها ومخاطر ان نخسر، جميعا، حتى المكاسب الامنية، التي تظل هشة من دون اجراءات موازية ونجاحات في الملفات الاخرى والسياسية في المقدمة منها. We believe that critical juncture, flour, which passes by our people and our nation requires of everyone to rise to the level of national responsibility, and miss the opportunity to those who want to worse Botunna and our people, and this requires work to spread the spirit of fraternity and collaboration, love and wisdom and prudence and reason and weighting realistic dealings, and to stay away from dealing with major national issues of profit and loss accounts, in order to achieve narrow interests, personal or partisan or sectarian or otherwise, without realizing the gravity of the situation and sensitivity, and risk to lose, all of us, even the security gains, which remains fragile without parallel actions and successes in other files and political provided them.
ورغم ما تحقق على طريق المصالحة، من سن قوانين واتخاذ اجراءات، فان جهدا مضاعفا ما زال مطلوبا من رئاسة الجمهورية والحكومة ومجلس النواب والمجلس السياسي للامن الوطني وقادة الكتل السياسية، ومن سائر السياسيين ورجال الدين والشخصيات الاجتماعية والثقافية ومنظمات المجتمع المدني، للعمل على تجنيب ابناء شعبنا المزيد من التعقيدات والاشكاليات والتوجه الجاد لمعالجة الملفات الساخنة والوصول الى توافقات مطلوبة، وتنازلات متقابلة، الرابح منها المواطن الذي ينتظر بفارغ الصبر عودة الاوضاع الطبيعية والتخفيف عن كاهله وانتعاش الاوضاع المعيشية والاقتصادية ومعالجة تردي الخدمات. Despite what has been achieved on the road to reconciliation, from the enactment of laws and action, the multiplier effort is still required of the presidency, government and the parliament and the political council for national security and the leaders of the political blocs, as well as other politicians and clerics and personalities social, cultural and civil society organizations to work to spare our people More complexities and difficulties and to move seriously to address the hot topics and access to the building is required, and reciprocal concessions, including the winner citizen, who eagerly awaited the return of normalcy and relief from his shoulder and the recovery of the living and economic conditions and to address the deterioration of services.
لكل ما تقدم ياتي انعقاد المؤتمر الثاني للقوى السياسية في وقت مهم وحساس، يعول عليه في ان يكون خطوة على طريق معالجة حالة الركود والاختناق في العملية السياسية، ويفتح فضاءات جديدة للتلاقي والحوار والتوافق، وهذا كله مرهون بتوفر ارادة سياسية حقيقية لدى الاطراف جميعا، والتعامل، من جانب الكل، بحرص عالٍ، بعيدا عن الانتقائية والنزعة الانانية والتحزب الضيق والتخندق الطائفي، والتخلص من ازدواجية المواقف، والتحلي بالمرونة والشجاعة في تحمل المسؤولية ووضع مصالح الوطن فوق كل اعتبار. Each of the above is the second conference of political forces at the time of important and sensitive, reliable to be a step on the road to address the situation of stagnation and bottlenecks in the political process, and opens new vistas for convergence, dialogue and compromise, and all this depends on the availability of genuine political will among all parties, and dealing, by mail, care is high, away from selectivity and propensity selfishness, partisanship and narrow sectarian Trenching, and the elimination of double standards, flexibility and courage to assume responsibility and put the interests of the nation above all else.
ان طريق المصالحة الوطنية هو الطريق المضمون لايصال شعبنا الى بر الامان والاستقلال، والسير الى امام لبناء العراق الديمقراطي الفيدرالي الموحد كامل السيادة. The road to national reconciliation is the way to deliver the content of our people to safety and independence, and to move forward to build a unified federal democratic Iraq full sovereignty. لهذا فان برنامج المصالحة الوطنية يستحق ان تكرس كل الجهود لتفعيله ونجاحه على ارض الواقع. That is why national reconciliation programme deserves to devote every effort to stimulate the success on the ground.
Preparations for a major national news conference in Najaf
البلاغ – نبيل الحسيني: في بادرة وطنية اعلامية كبرى ودعم مباشر من مؤسسة شهيد المحراب ومباركة من امينها العام سيقام في النجف الاشرف المؤتمر الوطني الاعلامي الثاني وتحت شعار (استراتيجيات الاعلام الوطني وتحديات التغيير) الى ذلك عقدت نقابة الصحفيين العراقيين فرع النجف الاشرف الهيئة الادارية والهيئات الاستشارية المرتبطة بها اجتماعاً استثنائياً لوضع اللمسات النهائية لهذا المؤتمر الذي يعد نقلة وطنية في البناء الاعلامي الوطني. Author - Nabil Al-Husseini: in a gesture of national media and major direct support of the Foundation martyr mihrab and blessing from the Secretary-General will be held in Najaf National Conference Media II and under the slogan (national information strategies and the challenges of change), the Iraqi Journalists Union held a branch Najaf administrative board and advisory bodies associated extraordinary meeting to put the finishing touches to this conference, which is a leap in national construction and national media.
ومن الجدير بالاشارة سيعقد هذا المؤتمر في النجف الاشرف وبحضور اعداد كبيرة من النخب الصحفية المتميزة والفاعلة في الوسط العراقي ومن مختلف المحافظات العراقية وستشارك فيه عدة بحوث. It should be noted that the conference will be held in Najaf and in the presence of large numbers of the elite press and distinguished players in the centre of Iraq from various Iraqi governorates will participate several research. موسوعة النهرين في 10:59 10 ربيع أول 1429 (18 مارس 2008) · التعليقات: 0 · قراءات: 55 · Guinness Mesopotamia in the first 10:59 10 Spring 1429 (March 18, 2008) comments: 0 readings: 55
A national reconciliation conference in Baghdad today, Tuesday,
ا ف ب AFP
Tuesday, 18 March 2008 Tuesday, 18 March 2008
من المتوقع ان تعقد التيارات السياسية العراقية الثلاثاء في بغداد مؤتمرا للمصالحة الوطنية هو الثاني من نوعه، هدفه المساعدة على انهاء التوتر الطائفي والاحتقان السياسي عبر "دعم جهود الحكومة في المجال الامني". It is expected to hold political currents in Iraq Tuesday in Baghdad, a conference of national reconciliation is the second of its kind, aimed at helping to end sectarian tension and resentment across the political "support government efforts in the area of security."
وافاد مسؤولون ان قوى سياسية ودينية وعشائرية ومستقلة مشاركة في العملية السياسية واخرى غير مشاركة ستحضر المؤتمر داخل المنطقة الخضراء المحصنة. Officials have reported that the forces of political, religious, tribal and independent participation in the political process and other non-participation will attend the conference inside the fortified Green Zone.
وكان الناطق باسم الحكومة علي الدباغ اعلن قبل ايام ان "المؤتمر سيعقد "بهدف تفعيل دور القوى المختلفة في العملية السياسية من اجل المساهمة الايجابية في المصالحة الوطنية والاسهام في الدور السياسي ودعم جهود الحكومة في المجال الامني". The government spokesman on Skinner announced a few days ago that "the conference will be held" with the aim of activating the role of various forces in the political process for the positive contribution to national reconciliation and contribute to the political role and support the Government's efforts in the area of security. "
ويتزامن المؤتمر الذي يستمر يومين مع الذكرى الخامسة لبدء الاجتياح في 20 اذار/مارس 2003. The conference, which coincides with the two-day fifth anniversary of the start of the invasion in March 20, 2003.
واوضح الدباغ ان المؤتمر يسعى الى اشراك بعض القوى السياسية في الانتخابات لتوسيع دورها، مشيرا الى ان الحكومة ترى "المشاركة السياسية حقا متساويا (...) ولا يمكن لاي حزب او مكون ان يستأثر بالوضع السياسي". Skinner explained that the conference seeks to involve some political forces in the elections to expand its role, pointing out that the government considers "political participation equal right (...) No party or component that accounts for the political status."
وقد اطلق رئيس الوزراء نوري المالكي في حزيران/يونيو 2006 مبادرة لتحقيق المصالحة الوطنية تتضمن عقد مؤتمرات للقوى السياسية والعشائرية ومنظمات المجتمع المدني. He was Prime Minister Nuri al-Maliki in the June 2006 initiative to achieve national reconciliation include convening conferences of political forces and tribal and civil society organizations.
وعقد المؤتمر الاول للقوى السياسية في كانون الاول/ديسمبر 2006 لكنه لم يسفر عن نتائج مهمة. The first conference of the political forces in December 2006, but he did not produce significant results.
American Vice-President Cheney hit Erbil International Airport
PUKmedia فؤاد عثمان 10:45:10 2008-03-18 PUKmedia Fouad Othman 10:45:10 2008-03-18
ضمن زيارته الى العراق, وصل نائب الرئيس الامريكي ديك تشيني صباح اليوم الثلاثاء الى مطار اربيل الدولي, وكان في إستقباله هناك, السيد مسعود بارزاني رئيس اقليم كوردستان. Within his visit to Iraq, the American Vice-President Dick Cheney Tuesday morning to Arbil International Airport, and was met there, Mr. Massoud Barzani, President of the territory of Kurdistan.
ومن المقرر ان يتابحثان حول الاوضاع الراهنة في العراق واقليم كوردستان والمنطقة. It is scheduled to Itapgesan about the current situation in Iraq and Kurdistan province and the region.
سنوافيكم بالتفاصيل لاحقاً. Give details later.
[ عودة ] [Back]
Establish pools addresses sophisticated in Iraq
وزير الإتصالات وكالة يدعو الى الإسراع في تنفيذ مشاريع الخطة الإستثمارية لعام 2008 Minister of Communications and calls for the agency to speed up the implementation of projects of the investment plan in 2008
دعا وزير الاتصالات وكالة المهندس جاسم محمد جعفر جميع الملاكات العاملة في الوزارة الى إنجاح الخطة الاستثمارية لعام 2008 عبر الإسراع في تنفيذها، مشيراً الى اسباب تأخر مشاريع تلك الخطة، جاء ذلك بعد الاجتماع الخاص والطارئ في الوزارة الذي حضره السادة الوكلاء وعدد من المستشارين والمدراء العامون في الوزارة حيث تم مناقشة الخطة الاستثمارية وسبل تفعيلها. The Minister of Communications Agency Engineer Jassim Mohammed Jaafar all Cadres working in the ministry to the success of the investment plan in 2008 through rapid implementation, pointing out the reasons for the delay projects that plan, came after the special meeting and the emergency in the ministry, which was attended by Messrs. agents, and a number of advisors and managers in public The Ministry has been discussing the investment plan and ways to put them into effect.
واوضحت السيدة مدير عام دائرة التخطيط والمتابعة اسباب الإخفاقات في تأخير الإعلان عن الخطة ومنها تأخير تنفيذ مشاريع 2006 اذ تم تحويل جميع تلك المشاريع للعام 2007، الامر الذي أدى تأخيرها، فضلاً عن تأخر في مشاريع الخطة التكميلية للعام المذكور، مما أثر بشكل واضح على البدء بالإعلان في مشاريع 2008. The general manager Ms. Department of Planning and Follow-up reasons for the failures to delay the announcement of the plan, including the delayed implementation of projects 2006 2007, which resulted in delays, as well as delays in projects supplementary plan for the year in question, which is clearly the impact of the start advertising projects in 2008.
واضافت ان إعادة إعمار الابينية المدمرة وانشاء مجمعات إتصالات في بغداد والمحافظات مع أعمال مدنية تتطلب وقتاً طويلاً لتنفيذها يسبقها إعداد التصاميم المناسبة لهذة الأبنية والمجمعات. She added that the reconstruction of destroyed Alapinh parks and the establishment of communication in Baghdad and other governorates, with the work of civil require a long time to implement them preceded by the preparation of appropriate designs for the buildings and complexes.
كما نوقش في الإجتماع أسباب تأخير تنفيذ مشروع بناية شركة الانترنت الذي تم تخصيص مبلغ لتنفيذه ضمن الخطة الاستثمارية منذ عام 2005، والذي لم يتم البدء في تنفيذه لحد الآن بسبب ممانعة وزارة التربية عن تسليم قطعة الارض العائدة للشركة، بالرغم من ان الدائرة القانونية في وزارتنا إستحصلت حكم قضائي قطعي بإخلائها، ودعا الوزير الى مفاتحة دولة رئيس الوزراء للتدخل الشخصي في حل الموضوع. As discussed in the meeting reasons for delaying implementation of a project building a site that has been allocated for its implementation within the amount of the investment plan since in 2005, which is not be implemented yet because of the reluctance of the Ministry of Education to deliver a piece of land belonging to the company, although the legal service in our Ministry hand COURT RULING categorically evacuated, and invited the minister to approach the Prime Minister to intervene in resolving personal matter.
واستعرض الحاضرون في الإجتماع موضوع الأعمال المدنية للتنفيذ المباشر للمشاريع المشمولة بالخطة الاستثمارية 2008، ومشروع الربط بالكيبلات البحرية (FLAG) الذي فتح إعتماده خلال شهر تموز 2007، وتم تسديد الدفعة الأولى من كلفة المشروع البالغة 36 مليون دولار، اذ تضمنت شروط التعاقد ان يتم تهيئة جميع المواقع وتنفيذ جميع الأعمال المدنية المتعلقة بالموضوع من قبل الوزارة. The attendees at the meeting reviewed the topic of civil works for the direct implementation of projects under the investment plan in 2008 and link project Balkiblatt Navy (FLAG), which opened its adoption during the month of July 2007, was repaid the first instalment of the cost of the project amounting to 36 million dollars, which included conditions of the contract that is creating all sites and the implementation of all civil works on the subject by the ministry.
من جانبه وجه الوزير الى إنهاء الاإلان عن جميع مشاريع الخطة بموعد أقصاه 15/4/2008، وقيام مكتب المستشار الفني للإتصالات والامن الإتصالاتي ودائرة التخطيط والمتابعة بمفاتحة وزارة الإعمار والاسكان وجامعة بغداد والمكتب الاستشاري في الجامعة التكنولوجية للتعاون في إعداد تصاميم أبنية الإتصالات المدمرة وهي بدالات (باب اإ. For his part, the minister for Allan to end all draft plan by the date 15/4/2008, and the Office of Technical Adviser for Communications and security to relief and the Department of Planning and Follow-up approached the Ministry of Construction and Housing and the University of Baghdad and the Advisory Office at the University of Technology to cooperate in the preparation of designs buildings destroyed a communications switches ( aa door.
ووجه الوزير جميع أقسام الإتصالات والبريد في المحافظات الى الإسراع بتنفيذ الأعمال المدنية بشكل مباشر للمشاريع المشمولة بالخطة الاستثمارية لعام 2008، واعداد الكشوفات المطلوبة واستحصال المصادقة على تلك الكشوفات، خاصة الملاكات العاملة بقسم إتصالات وبريد البصرة للإسراع في تنفيذ تلك الأعمال بعد قيام دائرة التخطيط والمتابعة بإطلاق المبالغ المخصصة لتلك المشاريع ضمن تخصيصات 2008، منوهاً الى ضرورة إتخاذ جميع الأجراءات وبشكل فوري لإعداد ملحق عقد مشروع تأهيل بناية وزارة الاتصالات وتنفيذ مشروع المصاعد والكيبلات الخاصة بتشغيل أجهزة التكييف المركزي في البناية. The minister and all sections of Post and Communications in the provinces to speed up the implementation of the civil works directly for projects covered by the plan for investment in 2008, and the preparation of the required disclosures and Asthsal validation to those disclosures, particularly Section Cadres working contacts, and mail Basra to expedite the implementation of those actions after the Department of Planning and Follow-up firing off for those projects within the 2008 allocations, alluding to the need to take all actions and the immediate preparation of a supplement to the draft contract rehabilitation of a building of the Ministry of Communications and implementation of the project elevators and trays for operating central air conditioning in the building.
واختتم الإجتماع بوصف الوزير للإجتماع بالجيد والمثمر متمنياً في الوقت نفسه ان تتضامن الجهود في عام الاعمار والبناء عام 2008. The meeting concluded as minister of the new and fruitful meeting at the same time hoping that the solidarity efforts in reconstruction in 2008.
بغداد Baghdad
18-3-2008
Maliki calls on all Iraqi forces to support the draft reconciliation
PUKmedia ـ 12:17:28 2008-03-18 PUKmedia 12:17:28 2008-03-18
إنطلقت في تمام الساعة 11:20 من قبل ظهر اليوم الثلاثاء اعمال المؤتمر الوطني الثاني للمصالحة الوطنية، تحت شعار (معاً لوحدة القوى الوطنية لتحقيق الامن والاعمار واستكمال السيادة)، في العاصمة بغداد، بحضور السادة رئيس مجلس الوزراء الدكتور نوري المالكي ومحمود المشهداني رئيس مجلس النواب العراقي, وممثلي الاحزاب والقوى والكتل السياسية العراقية. Started promptly at 11:20 a.m. from today, Tuesday, the Second National Conference of national reconciliation, under the slogan (together for the unity of nationalist forces to achieve security, reconstruction and completion of sovereignty), in the capital Baghdad, in the presence of Messrs. Prime Minister Nuri al-Maliki and Dr. Mahmoud Mashhadani House Speaker Iraqi, and representatives of parties and forces and Iraqi political blocs.
بدأ المؤتمر بتلاوة آي من الذكر الحكيم والوقوف دقيقة وقراءة الفاتحة على لأرواح شهداء العراق. Conference began by reading any of the above-Hakim and get accurate and recite the lives of the martyrs of Iraq.
من ثم ألقى رئيس الوزراء نوري المالكي كلمة أكد فيها أهمية مشروع المصالحة الوطنية التي أطلقتها الحكومة، وقال: المصالحة الوطنية هي ربح للوطن وقارب للنجاة، مشيرا إلى أنها أصبحت استراتيجية للحكومة، وأصبحت تقليدا سياسيا بامتياز. Then gave Prime Minister Nuri al-Maliki speech in which he stressed the importance of national reconciliation made by the government, and said: national reconciliation is a profit to a homeland and a boat to escape, he said it became a strategy for the government, and become a political tradition with distinction.
وقال المالكي أن المصالحة حققت أهدافها في إعادة اللحمة بين أبناء الشعب وأثمرت عن تشكيل مجالس الاسناد في المناطق الساخنة، مشيرا الى الدور الكبير للعشائر في نجاح مشروع المصالحة ومحاربة الإرهاب. Maliki said that reconciliation Crackdown re cohesion among the people and resulted in the formation of councils attribution in the hot spots, indicating the great role of clans in the success of the draft reconciliation and the fight against terrorism.
ودعا المالكي جميع القوى السياسية لدعم مشروع المصالحة والإحتكام الى القانون وتجنب الاستقواء بالخارج في حل المشاكل، كما طالب وسائل الاعلام الى تحمل المسؤولية في ذلك، داعيا دول الجوار الى احترام سيادة العراق ودعمه في جميع المجالات. He called Maliki all political forces to support the draft reconciliation and resorting to the law and to avoid power abroad in solving problems, also called on the media to shoulder the responsibility, calling the neighboring countries to respect Iraq's sovereignty and support in all areas.
وفيما يأتي نص كلة رئيس الوزراء خلال افتتاح المؤتمر: The Following is the text of the entire Prime Minister during the opening of the Conference:
Iraq leaders in new reconciliation bid
03-18-2008, 03h55
BAGHDAD (AFP)
Iraqi Sunni fighters allied with US forces against Al-Qaeda stand guard in Diyala province, northeast of Baghdad. Iraq's feuding sectarian factions were set to meet on Tuesday in a new bid to resolve their differences amid international concern that insufficient progress has been made on the path to reconciliation.
(AFP/File)
Iraq's feuding sectarian factions were set to meet on Tuesday in a new bid to resolve their differences amid international concern that insufficient progress has been made on the path to reconciliation.
The two-day national unity conference comes just two days before the fifth anniversary of the launch of the US-led invasion and with one of its chief architects, US Vice President Dick Cheney, in Iraq for talks with the rival leaders.
Government spokesman Ali al-Dabbagh said the conference aimed to achieve "security, reconstruction and complete sovereignty".
"Different political leaders will be present and the conference will aim to activate the role of different groups in the political process for positive contribution and national reconciliation," he said.
The Shiite-led government of Prime Minister Nuri al-Maliki has come under mounting pressure from both the United States and the United Nations to show a greater sense of urgency about using the window of opportunity created by falling levels of sectarian violence to promote reconciliation.
The top US commander in Iraq, General David Petraeus, told the Washington Post "no one" in the US and Iraqi governments "feels that there has been sufficient progress by any means in the area of national reconciliation".
Petraeus has been overseeing a strategy -- bolstered by a "surge" of some 30,000 additional US troops -- that aims to rein in the violence to give Iraqi leaders the political space to pass a package of legislation intended to woo insurgent and militia groups back into mainstream politics.
But key elements of the package remain stalled in parliament amid continued factional feuding.
It is the second attempt by Maliki to defuse the sectarian bloodshed that has gripped the country since suspected Sunni militants blew up a revered Shiite shrine in February 2006.
In December that year, the Shiite premier convened a meeting of the rival factions at which he tried to reach out to former members of the ousted Sunni-dominated regime of Saddam Hussein.
Maliki called on former members of Saddam's outlawed Baath party to rejoin the political process and former members of his armed forces to abandon the insurgency and join Iraq's new security forces.
Since then, Maliki's government claims to have brought hundreds of former Baathists back into public life and last month parliament approved a law rehabilitating even quite senior former members of the party.
But critics say he has not moved fast enough to capitalise on the security improvements achieved in the second half of last year.
In February, the death toll among Iraqis rose by 33 percent on January, reversing a six-month trend of reduced violence.
UN envoy Staffan de Mistura urged Iraqi leaders to seize the chance for reconcilation before it was too late.
"This is the window of opportunity for Iraq... It does not last long," he warned.
Bush Faces New Economic Legacy
Tuesday, Mar. 18, 2008 By MASSIMO CALABRESI/WASHINGTON President George W. Bush makes a statement on the economy with Treasury Secretary Henry Paulson following a meeting with his economic team at the White House March 17, 2008.
Martin H. Simon / Pool / Getty
Less than a year ago, when business was booming and Iraq was in free fall, George W. Bush could only dream that the economy would be the most important issue to Americans. At speeches and in interviews, he seized any chance to change the subject to the record economic expansion and job growth on his watch. When asked by Fox's Neil Cavuto in late January 2007 about his father's public outburst against the media's focus on Iraq in the face of good economic numbers, the President said, "What I'm more concerned about than anything is, is whether or not people are putting more money in their pocket... I really don't worry about what people are saying about me."
Now, with little time left in his presidency, the economy is the runaway top issue on Americans' list of concerns. A CNN/Opinion Research poll conducted last week, for example, found the economy was by far the most important deciding factor in choosing the next President, besting Iraq 42% to 21%. But what was supposed to be the legacy saver for the Administration is shaping up to be its last, worst bad news story. "Right now the economy is clearly the driving issue in terms of what people are worrying about," says GOP pollster David Winston. "Bush was hoping for a better story to tell."
And that was even before the recent meltdown on Wall Street. Now, with the collapse of Bear Stearns and growing concerns about the health of other investment and commercial banks, Bush faces a high profile failure against the backdrop of another nine months of what he calls "challenging" economic times. The dollar is hitting new lows every day, the economy is slipping into recession, and the Fed's determination to fuel liquidity at the same time is raising the fear of stagflation.
In Washington, where the political stakes ahead of the elections for the White House and Congress next fall are high, the blame game is in full swing. Democrats in charge of Congress say Bush and former Federal Reserve chairman Alan Greenspan did nothing while the mortgage industry created a massive Ponzi scheme with its flurry of subprime home loans. "This is an administration that has basically put regulation on the back burner," says Israel Klein, deputy staff director at the Congressional Joint Economic Committee. Democrats point to last-minute regulation by both the White House and the Fed, like new lending rules imposed by current Fed chairman Ben Bernanke in mid-December and a Housing and Urban Development agency rule announced last Friday, as proof of a too-little-too-late approach.
The White House responds by claiming that Congress is the one that has been asleep at the wheel. When asked Monday whether the Administration would reconsider Democratic legislation to have the Federal Housing Administration buy up subprime mortgages and provide more generous payment terms to strapped homeowners, Treasury Secretary Hank Paulson countered that the Democrats still had not dealt with alternative legislation pushed by the President.
But Democrats are likely to win that battle in the public mind. The mortgage crisis that brought down Bear Stearns built over six years while Bush was in office and the GOP controlled Congress. Democrats are also pushing the idea that the Administration is more interested in rescuing Wall Street than Main Street. Senators Clinton and Obama both blamed Bush for the country's woes. "We obviously will continue to monitor the situation and when need be, will act decisively, in a way that continues to bring order to the financial markets," Bush responded.
The financial crisis also means that John McCain will have to start shifting from his national security comfort zone sooner than he might like. On Monday, McCain expressed his confidence in the Fed's ability to handle the crisis, but in the coming weeks, he'll have to do better than those kinds of generalities. The pressure will be on the Republican nominee to show in detail how he would fix the economic situation, and his recent pronouncements about cutting taxes and spending surely will not be enough. That will also hasten the inevitable split between McCain and the President. He notably didn't mention Bush in his statements about the stewardship of the economy on Monday. "While it's difficult for Bush," says GOP pollster Winston, "It gives McCain an opportunity to distinguish himself."
The Administration is trying to push back against the allegation they're out of touch. Asked if managers at high-flying mortgage companies and investment firms were getting off too easy, White House spokesman Tony Fratto said, "That's an important question and that absolutely bothers us." But, he said, "sometimes the market needs to learn lessons and they're learning it the hard way." So is everyone. Some economists are now predicting a recession that could last into 2010. By then, the Bush presidency will be a memory, and it looks as if the last year of crisis, not the seven years of expansion that preceded it, may be what people remember.
Iraq seeks regaining its assets
Baghdad, Mar. 18, P. 1
Iraq confirms its effort to activate its membership at international anti corruption agreement to regain its assets that smuggled by previous regime to outside Iraq
joint council's head of anti corruption Ali Ala'aq said at press conference after first session of UN agreement meeting of anti corruption in Baghdad.Ala'aq called UN to play greater role at helping Iraq to join this agreement that would provide legal and judiciary help at calling for witnesses and capturing them
Baghdad hosts many opposition figures
Baghdad, Mar. 18, P. 1
Iraqi people relies on results of second meeting of political powers that begins in Baghdad today and attended by about 500 Iraqi figures most of them represent parties not taking part at Govt. and parliament.
This meeting comes before days of holding Arab summit in Damascus that Iraq would attend by an official delegation headed by PM Noori Maliki.Speaker Mahmoud Mashhadani rejected holding reconciliation meetings outside Iraq as he pointed to that this meeting would give new facts about political process in Iraq.This meeting invited 700 Iraqi political figures, 550 of them aren't take part at state's institutions, without set red line about their backgrounds and belongingness, Dr. Tahseen Shekhli spokesman of the meeting said.
Dinar prices increasing on eBay!
19 hours left on a few auctions, 1 million dinar in 25000 denoms, already at the $1000 mark or very very close to it.
Analysis: Iraq oil law holdup political
Published: March 17, 2008 at 6:20 PM
Print story Email to a friend Font size:By BEN LANDO
UPI Energy Editor
WASHINGTON, March 17 (UPI) -- Iraq's oil law debate is political, not technical, a top U.S. official said, adding Iraq has tagged billions of dollars to boost oil production regardless.
Charles Ries, U.S. State Department minister for economic affairs and coordinator for economic transition in Iraq, said the proposed law isn't necessary for Iraq to produce oil "but it would clearly be much, much better and incentivize private investment to help Iraq produce more if a bill would pass."
U.S. Vice President Dick Cheney is in Iraq Monday and said he's pressing Iraqi leaders to move the controversial legislation forward.
Ries said Iraq has set aside $2.5 billion for Technical Support Agreements over the next two years. TSAs, being negotiated with BP, Shell, ExxonMobil, Chevron and Total, would see a transfer of technology, expertise and training to Iraq's oil sector.
Further down the road, Ries said Iraq will sign production-sharing agreements to develop areas not currently producing.
"That is the likely course for the upstream industry in Iraq," Ries said, pointing to Syria and Indonesia as examples of countries that utilize PSAs to garner investment. He said "all parties, with a few exceptions of parties that are not in government," back PSAs.
Iraq's oil workers and civil society groups, as well as members of Parliament, have come out against PSAs, fearing Iraqis won't get their fair share. Some MPs have said they'd be OK with PSAs in certain situations, but not all, and only if the percentage for companies is low enough.
The PSA is a favorite of international oil companies, reimbursing it for expenses and guaranteeing it a percentage cut of oil for usually decades-long deals. It's compensation for the risk of exploring and coming up empty, say the companies, which can add the reserves when Wall Street looks at its books. But Iraq is not like Syria or Indonesia. It holds the world's third-largest reserves despite being vastly underexplored. Those in search have higher percentage of finds than in other countries, and what they get is usually highest quality, thus less expensive to produce, transport and refine.
The contract model itself, which will determine the extent of foreign involvement in the currently nationalized oil sector, is one sticking point in approving the law. The other is a power struggle between the majority in the central government and Iraq's Kurds and others.
"The oil and gas law from a technical standpoint is largely done," Ries said. "The problem relates to the distribution of power and autonomy in the federal structure." He refused to offer a prediction for its passage.
The Kurdistan Regional Government insists on a decentralized governing structure over the oil and gas instead of the national government. The law is stuck in Parliament's Energy Committee.
An official told reporters en route to Iraq Cheney will press government officials to approve the oil law in order to facilitate foreign oil companies' entry to Iraq. He said the constitution, which is accused of being too vague and thus creating the oil law dispute, does not need to be amended first.
Iraq is producing about 2.4 million barrels per day and exporting about 1.9 million bpd. Sales brought in $41 billion last year. With increased output and higher oil prices oil exports have fetched $11.6 billion through the first 10 weeks of 2008, according to the State Department's Iraq Weekly Status Report.
Iraq's oil reserves could handle producing much more -- the Oil Ministry has a 6 million bpd goal for 2012 and some say 10 million bpd is feasible, even without bringing online oil fields not yet found. The producing fields need to be fixed and modernized and workers retrained after decades of Saddam Hussein's mismanagement, U.N. sanctions and war. This will take tens of billions of dollars.
Iraq has been trashed by members of Congress here in Washington for not investing enough of its own funds -- a mostly misguided attack. Sens. Carl Levin, D-Mich., and John Warner, R-Va., have asked the Government Accountability Office to look into what banks Iraq stores its revenue in (Answer: the Federal Reserve Bank of New York, per U.N. mandate), how much is going to reconstruction and what is America's contribution to the rebuilding effort. Sen. Hillary Clinton, D-N.Y., on the campaign trail Monday, reiterated such concerns.
They could have just asked Ries. Of the $49 billion FY 2008 budget, $13 billion is pegged for capital investment and more than $3 billion is heading to the Oil Ministry, he said. Iraq still lacks the capacity to actually spend the funds, according to previous years. Ries said 2007 will see 60 percent of capital budgets spent when the final numbers are in, though a GAO report in January questioned the figures provided by the U.S. State and Treasury departments and the Iraqi Finance Ministry. Regardless, it has increased the allocation.
"They are paying several orders of magnitude more of the cost of reconstruction than we are now," Ries said. "Iraq's oil revenues are all being spent on the Iraqi government, both operating expenditures and reconstruction," he said. There's about $27 billion at the U.S. Federal Reserve to stabilize its currency.
"We spent somewhere between $4 and $5 billion in the oil sector in five years. And they're spending $3 and a half (billion)," he said, adding there's no new U.S. spending in the oil sector.
He said the State Department is focusing its effort away from "bricks and mortar" to capacity building.
Investment Freedom - Not Graded
"The elected Iraqi government created a new investment law in October 2006, opening Iraq to foreign capital. Inflation and sluggish growth, combined with a deleterious security situation and rampant corruption, are major hindrances to investment. Iraq does not subscribe to international arbitration agreements, although it does have a domestic arbitration framework. The regulatory system is confusing, since most of the laws are new, having been established by the 2006 investment law, and thus fairly ambiguous for investors. Capital and profits can be transferred out of Iraq. Speculation in the new Iraqi dinar is illegal because of central bank efforts to reduce inflation. Laws concerning state expropriation are not fully formed, though the constitution reserves the power for national interest situations."
I like to believe that they are not talking to us, but to big financial institutions
Got this from anthr room-----Ok, I might need a few of you guys to go over this thing with me but what I gather is that they are trying to get the money that is owed them from Iraqs creditors via getting paid back at the 1990 rate of dinar considering it was worth alot more and that was BEFORE the war with Iraq, thanks to Saddam.
The problem is, the dollar has dropped in value since the 90's and so has the dinar. The move here is WITHOUT CBI, WITHOUT PARLIMENT, WITHOUT Maliki, WITHOUT ANY input or desition making of ANYONE in Iraq, to move on the dinar and oil for Chase oh ... uh ... Rafidain oh uh... HSBC bank .... damn I got my banks confused (HSBC is a part owner to RAFIDAIN BANK... betcha didn't know that did ya....?) Basicly... HSBC OWNS CHASE and is a part owner in Rafi Bank...
Remember this From Possible Information regarding Valuation?:
Quote:
4) The Rafidain Bank in London has called for documents by creditors in January - all due in for a meeting on 3/18......
They will be meeting again on 3/20 to finalize. The exchange rate they will be paid off in is Dinar 0.30 to $1.00 US. It is the same rate as the accounts were seized at in 1991. You can find it in the Scheme of Arrangement documentation. The exchange rate is listed in appendix 5 - currency conversion Table.
THATS WHAT THIS IS ABOUT!!! And while my bud might have his dates wrong.. per the Rafi bank website info... its supposed to be held or FINISHED on the 20th. That be a Thursday. One HELL of a Friday huh?
full document
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION
Please read the proposed Scheme, the Explanatory Statement and this document in their
entirety. If you are in any doubt as to any aspect of these proposals or as to the action you
should take, you should consult your solicitor, accountant or other appropriate adviser
without delay.
Further copies of this document can be obtained from PricewaterhouseCoopers LLP at the
address shown on page 2 of this document.
PROPOSALS IN RELATION TO
A SCHEME OF ARRANGEMENT
(under section 425 of the Companies Act 1985 of England and Wales)
between
RAFIDAIN BANK
(an entity incorporated under the laws of the Republic of Iraq and in provisional liquidation)
and
ITS SCHEME CREDITORS
(as defined in the Scheme of Arrangement)
The Scheme Meeting of Scheme Creditors of the Bank to consider and, if thought fit, approve the
proposed scheme of arrangement (in its original or modified form) will be held on 20 March 2008
commencing at 11:00 am (London time) at the offices of Norton Rose LLP, 3 More London
Riverside, London SE1 2AQ, United Kingdom. Notice of the Scheme Meeting is given at Section
2 of this document.
The action to be taken by you is set out on pages 15 to 19 of the Explanatory Statement. Whether
or not Scheme Creditors intend to be present at the Scheme Meeting, they are requested to
complete and return the Voting Form (incorporating the Form of Proxy, where applicable)
enclosed with this document as soon as possible, and by no later than 11:00 am (London time) on
18 March 2008.
Nothing in this document should be relied on for any purpose other than voting on the proposed
Scheme. In particular, reliance should not be placed on this document in connection with dealing
in or trading any debt of the Bank. You should read and consider the warnings contained on page
1 of this document carefully.
A Scheme Creditor will not receive a Distribution in respect of any Claim Form filed after
the Claims Date. See paragraph 4.5.2 on pages 17 and 18 of the Explanatory Statement for
an explanation of the Claims Date.
Further information is available at the Rafidain Scheme website at www.rafidainbank.co.uk
2 January 2008
THIS PAGE IS INTENTIONALLY LEFT BLANK
1
IMPORTANT NOTICE TO ALL SCHEME CREDITORS
This document has been prepared in connection with a proposed scheme of arrangement pursuant to section
425 of the Companies Act 1985 between the Bank and its Scheme Creditors (each as defined in this
document).
The information contained in this document has been prepared by the Provisional Liquidators (as defined in
this document) based upon information available to them. Although the Provisional Liquidators have no reason
to doubt the accuracy of that information, they are unable to warrant or represent that it, or any information
provided by any third party, is accurate or complete. The Provisional Liquidators act at all times as agents of
the Bank and without personal liability.
The statements, opinions and information contained in this document are made, held or given respectively as
at the date of this document unless another time is specified and such statements, opinions and information are
made, held or given solely by or on behalf of the Bank unless expressly attributed to another party. Please note
that circumstances may have changed since the date of this document.
Except where otherwise expressly stated, nothing contained in this document constitutes a warranty or
guarantee of any kind, express or implied, an admission of any fact or liability on the part of the Bank or any
other person in respect of any asset to which it may be entitled or any claim against it. No estimate of the
amount of any claim against the Bank specified in the Voting Form (as defined in this document) returned to the
Provisional Liquidators, or otherwise provided for voting purposes, shall be admissible against the Bank or
shall be taken into account in calculating payments under the Scheme (as defined in this document). Any such
estimate shall only be used for voting purposes at the meeting of Scheme Creditors to consider the Scheme.
The summary of the principal provisions of the Scheme and related matters are subject to the Scheme itself,
and are set out at Section 5 of the Explanatory Statement (as defined in this document). Scheme Creditors are
advised to read in full and consider carefully the text of the Scheme.
No person has been authorised to make any representation, whether oral, written, express or implied,
concerning the Scheme, which is inconsistent with the statements contained within this document.
Consequently, if such representations are made, they should not be relied upon.
Scheme Creditors should not construe the contents of this document as legal, tax, financial or other
professional advice. Each Scheme Creditor should consult its own professional advisers as to the action it
should take.
This document has been prepared for the purpose of reporting to Scheme Creditors on the Scheme. It is
emphasised that any indication relating to potential Distributions (as defined in this document) are broad
estimates based on the information available at the date of this document and cannot be relied upon in giving
guidance as to the actual Distributions to Scheme Creditors or the timing thereof. The information contained
herein has not been provided for the purpose of buying or selling the debt of or claims against the Bank and
cannot be relied upon accordingly.
It is possible that the proposed Scheme may not be approved by the requisite majority of creditors. The
Provisional Liquidators make no representation or warranty and give no undertaking that the proposed Scheme
in the form described in this document or in any other form will be implemented within the proposed timescale
outlined in this document or at all.
Scheme Creditors, when considering the proposed Scheme, should consult their own tax advisers concerning
the tax consequences of the proposed Scheme to determine their own tax position as a result of the Scheme
being implemented in accordance with its terms in the light of their own particular situations. No
representations are made by any person with respect to the tax consequences for any particular holder of a
Scheme Claim.
PLEASE NOTE THAT IF YOU HAVE RECEIVED PAYMENTS PURSUANT TO THE REPUBLIC OF IRAQ
DEBT RECONCILIATION OFFICE PROCESS OR ANY SIMILAR DEBT SETTLEMENT PROCESS IN
RELATION TO ALL OF YOUR ACTUAL AND POTENTIAL SCHEME CLAIMS, WHICH HAVE BEEN
FULLY DISCHARGED, ASSIGNED OR TRANSFERRED BY VIRTUE OF SUCH PROCESS, YOU CAN
IGNORE THIS DOCUMENT.
KEY DATES AND PROVISIONAL TIMETABLE
Record Date (Provisional Liquidators appointed to the Bank)
21 February 1991
Ascertainment Date for voting purposes
31 December 2007
Filing date and time for Voting Form
11:00 am (London time) on
18 March 2008
Scheme Meeting
11:00 am (London time) on
20 March 2008
Estimated dates
English Court hearing to sanction the Scheme
March 2008
Effective Date
March 2008
Claims Date
September 2008
Commencement of payment of Distributions
2009
The estimated dates in this timetable are indicative only and are based on the Provisional
Liquidators’ current best-case expectations and will depend, amongst other things, on the timetable
fixed by the English Court, whether the Scheme Meeting is adjourned and the date upon which the
English Court allocates a hearing for the sanction of the Scheme.
When the estimated dates are finalised, the actual dates will be notified on the Rafidain Scheme
website.
CONTACT DETAILS
PricewaterhouseCoopers LLP
Plumtree Court
London
EC4A 4HT
Contact: Michael Gercke or David Chubb
Telephone: +44 (0) 207 804 0504
Facsimile: +44 (0) 207 212 6800
email: rafidain.bank@uk.pwc.com
Website: www.rafidainbank.co.uk
TABLE OF CONTENTS
Contents Page
IMPORTANT NOTICE TO ALL SCHEME CREDITORS...........................................................................1
KEY DATES AND PROVISIONAL TIMETABLE.......................................................................................2
CONTACT DETAILS.................................................................................................................................2
SECTION 1: EXPLANATORY STATEMENT............................................................................................5
1. KEY DEFINITIONS AND INTERPRETATION...................................................................................7
1.1 Key definitions...........................................................................................................................................7
1.2 Interpretation............................................................................................................................................10
2. INTRODUCTION.............................................................................................................................10
3. HISTORICAL BACKGROUND AND CURRENT POSITION...........................................................10
3.1 Historical background..............................................................................................................................10
3.2 Initial Orders of the English Court.............................................................................................................11
3.3 The position from 2003 to date.................................................................................................................11
3.4 Current position.......................................................................................................................................12
4. INTRODUCTION TO THE SCHEME................................................................................................13
4.1 What is a Scheme and how does it become binding?..............................................................................13
4.2 Why is the Scheme being proposed?.......................................................................................................14
4.3 Why is the Scheme the most appropriate method to distribute funds to the Bank’s creditors?................14
4.4 Who will be affected?...............................................................................................................................14
4.5 Key stages in the Scheme Process and what Scheme Creditors need to do at each stage....................15
4.6 Why have you been sent this document?.................................................................................................19
5. OUTLINE OF THE SCHEME............................................................................................................19
5.1 Who is a Scheme Creditor?......................................................................................................................19
5.2 What is the proposed arrangement between Scheme Creditors and the Bank?......................................19
5.3 What is the procedure for submitting and agreeing Scheme Claims?......................................................19
5.4 How will the proceeds of Scheme Assets be distributed?........................................................................20
5.5 Administration of the Scheme and the management of the Bank.............................................................21
5.6 How will the Scheme terminate?..............................................................................................................22
5.7 General Scheme provisions.....................................................................................................................22
6. FACTORS TO BE CONSIDERED WHEN VOTING ON THE SCHEME.........................................23
APPENDIX 1 - LIST OF DOCUMENTS AVAILABLE FOR INSPECTION.............................................24
APPENDIX 2 - FINANCIAL POSITION AS AT 30 SEPTEMBER 2007..................................................25
APPENDIX 3 - SCHEME VOTING FORMS AND FORMS OF PROXY..................................................26
APPENDIX 4 - SCHEME CLAIM FORM..................................................................................................31
APPENDIX 5 - CURRENCY CONVERSION TABLE..............................................................................34
SECTION 2: NOTICE OF SCHEME MEETING.......................................................................................39
SECTION 3: THE SCHEME OF ARRANGEMENT.................................................................................41
THIS PAGE IS INTENTIONALLY LEFT BLANK
SECTION 1: EXPLANATORY STATEMENT
This Explanatory Statement is issued in compliance with Section 426(2) of the Companies Act 1985
for the purpose of providing Scheme Creditors with sufficient information to make an informed
decision on whether or not to vote in favour of a proposed scheme of arrangement.
SCHEME OF ARRANGEMENT
(under section 425 of the Companies Act 1985 of England and Wales)
between
RAFIDAIN BANK
(an entity incorporated under the laws of Republic of Iraq and in provisional liquidation)
and
ITS SCHEME CREDITORS
(as defined in the Scheme of Arrangement)
THIS PAGE IS INTENTIONALLY LEFT BLANK
1. KEY DEFINITIONS AND INTERPRETATION
1.1 Key Definitions
Certain capitalised words and expressions appear in this Explanatory Statement. Capitalised words
and expressions not defined below shall have the meaning ascribed to those terms in the Scheme.
If there is any inconsistency between the words and expressions defined below and the terms as
used in the Scheme, the Scheme definitions shall prevail. References to clauses are to be
construed as references to clauses of the Scheme.
Adjudication Deposit - the sum of £2,500 plus VAT if applicable to be paid to an Independent
Claims Adjudicator;
Admitted Scheme Claim - the amount of any claim qualifying for a Distribution under the Scheme
by being either (i) admitted in whole or in part by the Scheme Administrators or (ii) determined
wholly or partially in favour of a Scheme Creditor in a final and binding manner by an Independent
Claims Adjudicator;
Ascertainment Date - the date on which claims outstanding at the Record Date and submitted for
voting purposes at the Scheme Meeting remained outstanding, being 31 December 2007;
Bank - Rafidain Bank;
Business Day - any day on which banks are open for general business in London;
Claim Form – the meaning given to such term by paragraph 4.5.2;
Claims Date - the day falling 180 days after the Effective Date or, if that day is not a Business Day,
the next succeeding day which is a Business Day;
Companies Act - the Companies Act 1985 of England and Wales;
DFI - the Development Fund for the Republic of Iraq;
Dispute Notice - a notice submitted by a Scheme Creditor in accordance with clause 9.12 requiring
a Scheme Claim to be referred to an Independent Claims Adjudicator for independent
determination;
Disputed Claim - a Scheme Claim (or alleged Scheme Claim) or any portion of a Scheme Claim in
respect of which the Scheme Administrators issue a Rejection Notice;
Distribution - any distribution to Scheme Creditors pursuant to the Scheme;
Effective Date - the date on which the Scheme becomes effective in accordance with clause 6;
English Court - the High Court of Justice of England and Wales;
English Registrar of Companies - the registrar of companies or other officer performing under the
Companies Act the duty of registration of companies in England and Wales and including a deputy
registrar;
Excluded Liability - Liabilities if and to the extent they are:
(a) Post-Insolvency Costs;
(b) the subject of an effective Security or Trust on or before the Record Date;
(c) the subject of Set-off;
(d) Liabilities due to the Pension Trustees;
(e) Preferential Liabilities; or
(f) Liabilities of the Bank incurred after the Record Date;
Form of Proxy – the meaning given to such term by paragraph 4.5.1;
IDRO Process - the debt restructuring process by the Government of the Republic of Iraq Debt
Reconciliation Office which led to the invitations to tender claims for cash purchase, bonds or cash
purchase and cancellation;
Independent Claims Adjudicator - such independent person (or persons) appointed in
accordance with clause 9.12(b);
Independent Claims Adjudicator Appointment Notice - a notice advising the name and contact
details of a person to be appointed Independent Claims Adjudicator;
Liability - any liability or obligation of a person whether it is present, prospective or contingent,
whether or not it is fixed or undetermined, whether or not it involves the payment of money or
performance of an act or obligation and whether or not such liability has been reduced to court
judgment or arbitral award and whether it arises at common law, in equity or by statute, in England
and Wales or in any other jurisdiction, or in any other manner whatsoever, but such expression does
not include any liability which is barred by statute (subject to clause 46);
Preferential Liabilities - Liabilities of the Bank which would have been preferential debts pursuant
to section 386 and Schedule 6 of the Insolvency Act on the Record Date had an order for the
compulsory liquidation of the Bank been made on the Winding-up Petition;
Provisional Liquidators - the persons from time to time serving as joint provisional liquidators of
the Bank appointed by the English Court, who are currently Michael David Gercke and David
Christian Chubb of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, United
Kingdom;
Provisional Liquidators’ Costs:
(a) any remuneration of the Provisional Liquidators fixed by the English Court pursuant to rule
4.30 of the Insolvency Rules;
(b) any remuneration of the Provisional Liquidators fixed pursuant to the terms of the Scheme as
provided by clause 29.8; or
(c) all Liabilities, costs, charges, disbursements and expenses (including, without limitation, any
taxes payable) incurred and approved by the Provisional Liquidators,
plus, in each case, any VAT thereon at the applicable rate in force from time to time;
Provisional Liquidation Creditors’ Committee - the creditors’ committee formed pursuant to a
direction of the Vice-Chancellor dated 13 July 1992 as varied by an order of Mr Justice Lindsay
dated 13 March 2007 and as may be varied by any further order of the English Court;
Rafidain Scheme website - the information displayed via the internet at the URL
http://www.rafidainbank.co.uk;
Record Date - 21 February 1991, being the date on which the Provisional Liquidators were
appointed;
Rejection Notice - the meaning given to such term by clause 9.10;
Relevant Rate of Exchange - the rate of exchange for the relevant currency at the Record Date,
determined as follows:
(a) the rate of exchange for that currency detailed in the currency conversion table in Appendix 5;
or
(b) if no rate of exchange is listed for that currency for the purposes of (a) above, the mid-market
rate of exchange for that currency published by the Financial Times as at the Record Date, or,
if no such rate is published on that date, then the applicable rate so published on the nearest
preceding date; or
(c) if no rate of exchange is listed or published for that currency pursuant to (a) and (b) above as
appropriate, such rate of exchange as may be determined by the Scheme Administrators;
Scheme - the scheme of arrangement in respect of the Bank under section 425 of the Companies
Act in its present form or with or subject to any modification, addition or condition approved or
imposed by the English Court;
Scheme Administrators - Michael David Gercke, Russell Downs and David Christian Chubb in
their capacity as administrators of the Scheme whilst they hold that office and such other person as
may be appointed as Scheme Administrators in accordance with the Scheme;
Scheme Assets - any Property or asset of the Bank whether actual, prospective or contingent as at
the Record Date to which the London branch business of the Bank is entitled as a matter of English
law and which the Provisional Liquidators have taken possession of, collected or realised prior to
the termination of the Scheme in accordance with clause 40 but excluding any Property or assets
held on Trust;
Scheme Claim - any Liability of the Bank (other than an Excluded Liability) the circumstances
giving rise to which occurred before or on the Record Date remaining outstanding at the Effective
Date against the Bank which would be a provable debt in a liquidation had the Bank been the
subject of a compulsory winding-up order in England and Wales made on the Record Date
PROVIDED THAT a person shall not be entitled to (a) claim more than once against the Bank in
respect of what is, in substance, the same Liability or (b) claim against the Bank in respect of a
Liability which, as against that person has been discharged, cancelled, settled, assigned or
transferred pursuant to the IDRO Process or any similar debt settlement process;
Scheme Costs - the Liabilities, costs, charges, expenses, disbursements and remuneration
incurred by the Scheme Administrators in the course of carrying out the Scheme, including, without
limitation, any expenses payable to the Scheme Creditors’ Committee and the remuneration and
costs of an Independent Claims Adjudicator, which are not Provisional Liquidators’ Costs;
Scheme Creditor - a creditor of the Bank in respect of a Scheme Claim;
Scheme Creditors’ Committee - a creditors’ committee established pursuant to clause 25.1 in
accordance with the provisions of clause 25.2;
Scheme Meeting - a meeting of Scheme Creditors pursuant to an order of the English Court to
consider and, if thought appropriate, agree to the Scheme;
Security - any:
(a) cash collateral;
(b) guarantee or other form of assurance, undertaking or credit support; or
(c) security interest over Property of the Bank anywhere in the world,
provided by or containing an obligation of (as appropriate) any third party or the Bank in support of
or to secure (as appropriate) payment of any Liability by the Bank anywhere in the world;
Set-off - any set-off on which a Scheme Creditor may rely under clause 15.1 or the Bank may rely
under clause 15.2;
Sterling or £ - pounds sterling or other currency being the lawful currency of the UK for the time
being;
Trust - the meaning given to such term by clause 14.1;
US Dollar or US$ - US dollars or other currency being the lawful currency of the USA for the time
being; and
Voting Form – the meaning given to such term by paragraph 4.5.1.
1.2 Interpretation
In this Explanatory Statement, unless the context otherwise requires:
(a) references to clauses are to be construed as references to clauses of the Scheme;
(b) headings are included for ease of reference only and shall be ignored in the interpretation of
the Explanatory Statement;
(c) references to paragraphs and Appendices are references to the paragraphs of and
Appendices to this Explanatory Statement;
(d) references to (or to any provision of) the Scheme shall be construed as references to the
Scheme or that provision as in force for the time being and as modified;
(e) words importing the plural shall include the singular and vice versa and the masculine,
feminine or neuter gender shall each include the other genders;
(f) references to “person” include references to an individual, firm, partnership, bank,
corporation, unincorporated body of persons or any state or any state agency; and
(g) save as otherwise provided, references to any enactment or statutory instrument shall be to
such enactment or statutory instrument as amended, modified or re-enacted and in force at
the time.
2. INTRODUCTION
There are essentially three parts to this Explanatory Statement, as follows:
• background information in relation to the Bank and the provisional liquidation, information
about schemes of arrangement generally, a summary of what is proposed by the Scheme and
an explanation why the Provisional Liquidators consider the Scheme is the appropriate method
to distribute funds to the Bank’s creditors (paragraphs 3 to 4.4);
• information for Scheme Creditors regarding the key stages in the execution and
implementation of the Scheme and what Scheme Creditors need to do at each stage
(paragraphs 4.5 to 4.6); and
• a summary of the key commercial terms of the Scheme and the factors to be considered by
Scheme Creditors when deciding whether to vote and, if so, how to vote in relation to the
Scheme (paragraphs 5 and 6).
3. HISTORICAL BACKGROUND AND CURRENT POSITION
3.1 Historical background
The Bank is an entity incorporated in the Republic of Iraq. At the time of the Provisional Liquidators’
appointment (21 February 1991), the business of the Bank’s London branch primarily consisted of
advising, confirming and reimbursing letters of credit issued by the Bank, the Central Bank of Iraq or
Rasheed Bank (another Iraqi commercial bank).
On 2 August 1990 the Republic of Iraq invaded Kuwait, following which international sanctions were
imposed on the Republic of Iraq. On 4 August 1990, a freeze on certain Iraqi assets held in the
United Kingdom was imposed, the effect of which was to freeze the assets of the Bank in the United
Kingdom.
At this time the Bank was the subject of some very substantial claims from a number of creditors.
On 21 February 1991, the Bank of England issued a winding-up petition in respect of the Bank and,
on the same date, the Bank was placed into provisional liquidation and the following individuals from
PricewaterhouseCoopers LLP have served or are serving as Provisional Liquidators. Initially
Jonathan Phillips and Alan Barrett were appointed, with Michael Gercke replacing Alan Barrett on
1 August 2000 and David Chubb replacing Jonathan Phillips on 13 March 2007.
The Provisional Liquidators understand that the Bank is not in liquidation in the Republic of Iraq, its
country of incorporation, or, in any other country, and is continuing to trade outside the jurisdiction of
the English Court under the control of a board of directors based in Baghdad, Republic of Iraq
(“Rafidain Baghdad”).
According to Rafidain Baghdad’s website at www.rafidain-bank.org (in which the Provisional
Liquidators have no involvement nor are they able to vouch for its accuracy), the Bank has 147
branches in the Republic of Iraq, and 9 outside the Republic of Iraq, including the branch in London.
A list of documents relevant to the provisional liquidation and the proposed Scheme, which are
available for inspection by Scheme Creditors, can be found at Appendix 1.
3.2 Initial Orders of the English Court
Following their appointment, the Provisional Liquidators investigated the worldwide assets and
liabilities of the Bank. However, the Provisional Liquidators were advised that their powers were
unlikely to be enforceable in various jurisdictions and/or that it would be difficult and expensive for
them to make any such enquiries in the light of the first Gulf war and the sanctions imposed on the
Republic of Iraq. As a result, the Provisional Liquidators applied to the English Court for directions
and were directed by the order of Mr Justice Mummery of the English Court dated 9 April 1992 to
take no further steps to take possession of, collect or get in property of the Bank outside the
jurisdiction of the English Court. (This order was later varied by the English Court as described
below.)
On 13 July 1992, the Vice-Chancellor of the English Court ordered that a committee of creditors be
formed to assist the Provisional Liquidators in the performance of their functions. The order set out
detailed requirements as to the membership and conduct of the committee. These requirements
were partially amended by an order of Mr Justice Lindsay on 13 March 2007. In accordance with
these orders the Provisional Liquidators formed the Provisional Liquidation Creditors’ Committee
and such committee has been fully consulted on all relevant aspects of the provisional liquidation,
including the planning of the Scheme.
On 7 June 1994, the English Court made an order adjourning the winding up petition. Counsel,
representing the Bank, gave an undertaking that in respect of any action sought to be commenced
after the date of the order, the Bank will treat the running of time for the purposes of limitation
periods as having been suspended on the date of the Provisional Liquidators' appointment (21
February 1991), and as not recommencing until either the date on which the Provisional Liquidators
are discharged from office and/or the date on which a winding up order is made on the winding-up
petition. Accordingly, claims which were not already statute barred as at the Record Date will not be
treated as statute barred for the purposes of the Scheme.
3.3 The position from 2003 to date
In 2003, the Iraqi government was removed from power. This led to the passing of a UN order which
had the effect of requiring parties which controlled assets or funds which were formerly the property
of either specified Iraqi individuals or the former Iraqi government to hand those funds over to the
newly-created DFI. The terms of the legislation implementing the UN order specifically provide an
exclusion where it can be demonstrated that any funds and assets must be dealt with in accordance
with a pre-existing judicial process. This means that the Provisional Liquidators are exempt from
the obligation to remit the assets of the Bank in their custody to the DFI.
On 28 July 2003, Mr Justice Lewison of the English Court ordered that the order of Mr Justice
Mummery of 9 April 1992 (described above) be varied so as to enable the Provisional Liquidators to
seek out claims against the Bank and, where appropriate and practical to do so, collect all the
property and assets of the Bank to which the London branch of the Bank appeared to be entitled.
The Provisional Liquidators are aware of three formal processes which have sought to settle the
claims of creditors of the Republic of Iraq and entities incorporated in the Republic of Iraq:
(a) in 1991, the UN Security Council established the UN Compensation Commission to process
claims and pay compensation for losses resulting directly from, and not incidental to, the
Republic of Iraq’s invasion and occupation of Kuwait;
(b) on 21 November 2004, following the overthrow of the former government, the Republic of
Iraq’s Ministry of Finance concluded negotiations on its sovereign debt with the Paris Club
(an informal group of creditor governments from major industrialised countries); and
(c) on 9 December 2004 the Republic of Iraq’s Ministry of Finance followed this with a debt
reconstruction process carried out by the Republic of Iraq Debt Reconciliation Office (the
IDRO Process).
The three processes have substantially affected the creditor profile of the Bank by reducing the
number and value of potential claims.
Advisers to the Iraqi Ministry of Finance have informed the Provisional Liquidators of the possibility
that the IDRO Process may be reopened. At this stage, nothing is certain and the Provisional
Liquidators give no representations or warranties and give no undertaking that the IDRO Process
may be reopened. However, should the IDRO Process be reopened, the Provisional Liquidators
understand that this would be done on terms that do not affect the rights of Scheme Creditors.
Scheme Creditors will be able:
(a) to participate in the Scheme; and
(b) in the event that a Scheme Creditor also participates in the reopened IDRO Process, and
having had their claim reconciled and agreed in that reopened IDRO Process, decides to
accept the offer by the Republic of Iraq to purchase its Scheme Claim, it would be on terms
that the Scheme Creditor assigns or transfers their Scheme Claim to the Republic of Iraq,
acting through its Ministry of Finance, which would then intend to register the assigned or
transferred Scheme Claim under (and in accordance with) the Scheme.
On 13 March 2007, Mr Justice Lindsay of the English Court granted the Provisional Liquidators
power to develop a scheme of arrangement pursuant to section 425 of the Companies Act.
Whilst the formal admission and agreement of claims can only be undertaken once the Scheme is
agreed, the Provisional Liquidators are, wherever possible, reviewing creditors’ claims, which will
facilitate the formal agreement of claims in the Scheme. As directed in reports to creditors, the
Provisional Liquidators have set up a dedicated email address to allow creditors to send queries or
information directly to them. The email address is rafidain.bank@uk.pwc.com. Additionally, further
information can be found on the Rafidain Scheme website at www.rafidainbank.co.uk.
Since the lifting of UN sanctions, the Provisional Liquidators have continued to pursue and realise
any outstanding or remaining debtors and manage and realise property and investment assets in
preparation for the implementation of the Scheme, which will enable funds to be distributed to
Scheme Creditors.
3.4 Current position
Detailed below is a summary of the assets held by the Provisional Liquidators, and their latest
estimate of liabilities owed by the Bank as at the Record Date and outstanding at 30 September
2007. A more detailed analysis of this position can be found at Appendix 2.
US$’m
Assets
290
Liabilities
(2,157)
Net Deficiency of Funds
(1,867)
Assets as a % of Liabilities
13.44%
The net deficiency in funds of US$1,867 million is after converting assets at the prevailing exchange
rates at 30 September 2007 and liabilities at the exchange rate at the Record Date. It does not
include the future costs and remuneration of the Provisional Liquidators or Scheme Administrators.
Consequently, Scheme Creditors should treat the above as an indication of distribution prospects
with caution.
These figures are subject to change due to:
(a) changes in exchange rates;
(b) new claims being submitted;
(c) claims being cancelled; and
(d) asset values changing.
The receipts and payments of the Provisional Liquidators for the period 21 February 1991 to
30 September 2007 can be summarised as follows:
US$'000s
US$'000s
RECEIPTS
Recoveries from bank Customers
219,183
Dividends and interest
70,009
Rent and property disposals
2,173
Cash held at appointment
476
TOTAL RECEIPTS
291,841
PAYMENTS
Branch overheads and other property costs
14,687
Provisional Liquidators’ remuneration
5,951
Legal and other professional fees
4,560
VAT paid
1,164
TOTAL PAYMENTS
26,362
TOTAL NET RECEIPTS AND CASH HELD
265,479
4. INTRODUCTION TO THE SCHEME
4.1 What is a Scheme and how does it become binding?
A Scheme is a compromise or arrangement provided for by section 425 of the Companies Act
between a company (such as the Bank) and its creditors (or any class of them).
A Scheme becomes legally binding when:
(a) of those Scheme Creditors present and voting in person or by proxy:
(i) a majority in number of Scheme Creditors; and
(ii) not less than three fourths by value of Scheme Claims,
vote in favour of the Scheme at a specially convened meeting held at the direction of the
English Court;
(b) the English Court subsequently makes an order sanctioning the Scheme; and
(c) an office copy of that order is delivered to the English Registrar of Companies for registration.
4.2 Why is the Scheme being proposed?
The Scheme is being proposed as a formal process by which the assets of the Bank held by the
Provisional Liquidators can be distributed to Scheme Creditors with Admitted Scheme Claims.
4.3 Why is the Scheme the most appropriate method to distribute funds to the Bank’s
creditors?
The Provisional Liquidators and their advisers have considered various options for making
distributions of the assets of the Bank, which are held by the Provisional Liquidators, and concluded
that the Scheme is the most appropriate and beneficial method for distribution by the Provisional
Liquidators.
The Provisional Liquidators are of the view that the Scheme is the appropriate exit route for the
Bank from provisional liquidation as it can be tailored to the specific needs of the Bank and Scheme
Creditors, and it should therefore allow a distribution of funds to Scheme Creditors more easily and
earlier than would be likely in any other exit route.
Further, the Provisional Liquidators consider that the Scheme is likely to be the best means of
maximising the return to Scheme Creditors and enabling Scheme Claims to be agreed and
admitted.
The Provisional Liquidators have discussed the various exit options available with the Provisional
Liquidation Creditors’ Committee and on 20 December 2006, the Provisional Liquidation Creditors’
Committee agreed that a scheme should be the most appropriate exit route for the Bank.
Permission to develop a scheme of arrangement was given by the English Court by an order dated
13 March 2007.
The effect of the Scheme will be to introduce a structure to operate in conjunction with the
provisional liquidation, with the Provisional Liquidators continuing to collect in, realise and hold the
Scheme Assets and then make Distributions as the paying agents of the Bank in accordance with
the directions of the Scheme Administrators, following Scheme Claims being agreed and admitted
by the Scheme Administrators or determined by an Independent Claims Adjudicator. The
Provisional Liquidators, following the grant of the requisite power to do so and prior to the
sanctioning of the Scheme, will undertake to be bound by the Scheme to give effect to these
arrangements. It is proposed that the Provisional Liquidators retain possession of the assets and
make the payments due under the Scheme given the terms of the UN order referred to at paragraph
3.3.
4.4 Who will be affected?
The Scheme is an arrangement between the Bank and all of its Scheme Creditors. A Scheme
Creditor is defined in the Scheme itself but, in summary, will be a person who holds a debt owed by
the Bank as at 21 February 1991 (the Record Date) where such debt still remains outstanding at the
date on which the Scheme becomes effective, which would be a provable debt in a liquidation had
the Bank been the subject of a compulsory winding-up order in England and Wales made on the
Record Date (as described in paragraph 4.1) and which, as against that person has not been
discharged, cancelled, settled, assigned or transferred pursuant to the IDRO Process or any similar
debt settlement process.
Scheme Creditors should note that, once effective, the Scheme will bind the Bank and all of its
Scheme Creditors, irrespective of whether or not:
(a) those Scheme Creditors were notified of the Scheme;
(b) whether they voted at the Scheme Meeting; and
(c) if they voted, whether they voted for or against the Scheme.
Creditors whose claims arise from transactions with the Bank occurring after the Record Date are
not Scheme Creditors and, save to the extent that such claims are expenses properly incurred in
connection with the provisional liquidation or Scheme, these claims remain to be dealt with in the
normal course by the Bank. Further, any Preferential Liabilities (of which there are none known),
being claims which would have been preferential had the Bank gone into compulsory liquidation in
England and Wales, and claims of the Pension Trustees, will be excluded from the Scheme and will
be discharged by the Provisional Liquidators, to the extent that such claims are agreed by the
Provisional Liquidators or are otherwise payable by them.
The Scheme will not affect creditors of the Bank to the extent that they are able to pursue claims
against the Bank outside the jurisdiction of the English Court, where such claims are not:
(a) against the Scheme Assets; or
(b) in pursuit of rights which are dealt with in accordance with and for the purposes of the
Scheme.
4.5 Key stages in the Scheme Process and what Scheme Creditors need to do at each
stage
The overview diagram below illustrates each step in the Scheme process and the split between the
responsibilities of the Provisional Liquidators and the Scheme Administrators, and what Scheme
Creditors need to do.
Please view this diagram together with the notes below to assist you in understanding what will be
required of you as a Scheme Creditor.
Sch
SCHEME
ADMINISTRATORS
SCHEME CREDITORS PROVISIONAL
LIQUIDATORS
Stage 1
Submit Voting Form Collect and realise
Scheme Assets
Attend Scheme Meeting in
person or submit a Form of
Proxy
Advertise Scheme
Meeting
Hold Scheme Meeting
Report to Court
Scheme sanctioned
4.5.1 Stage 1 – Receipt of Scheme and voting papers to Scheme becoming effective
If you are a Scheme Creditor you are entitled to attend and vote at the Scheme Meeting. The
Scheme Meeting is being convened at the direction of the English Court for the purpose of
considering and, if thought fit, approving the Scheme. For the purposes of the Scheme Meeting, a
Scheme Creditor will be defined as a creditor with a claim at the Record Date, which remains
outstanding at the Ascertainment Date (being 31 December 2007). Votes will be totalled based on
the amount of each Scheme Claim and therefore, in order to vote, the Scheme Claim amount will
need to be validated by the chairman of the Scheme Meeting for voting purposes.
The amount of a Scheme Claim admitted for voting purposes will:
• not constitute an admission of the existence or amount of any Liability of the Bank;
• not constitute a claim as an Admitted Scheme Claim for the purposes of Distribution
under the Scheme; and
• not bind the Bank, the Scheme Creditor, the Scheme Administrators, the Provisional
Liquidators or an Independent Claims Adjudicator for any other purpose.
Whether more than one Scheme Meeting of the creditors of the Bank is necessary depends upon an
analysis of the relevant legal rights of creditors against the Bank before and after the Scheme.
Creditors can be in the same class for voting purposes if their rights are sufficiently similar for it to be
possible for them to consult together with regard to their common interest. If their rights are
sufficiently dissimilar such that it is impossible for them to consult together with regard to their
common interest, creditors must be placed in different classes for voting purposes. The Scheme
treats all Scheme Claims rateably and on the same basis by determining and valuing all Scheme
Claims at the Record Date. Therefore for the purposes of sections 425(1) and (2) of the Companies
Act, the English Court has ordered a meeting of a single class of creditors, being a meeting of all
Scheme Creditors.
Formal notice of the Scheme Meeting is given in Section 2 of this document. Scheme Creditors may
attend the Scheme Meeting in person (or, if a corporation, by a duly authorised representative) or
may vote by proxy.
Enclosed with this document is a voting form (incorporating a form of proxy (a “Form of Proxy”)), to
be used for voting at the Scheme Meeting (a “Voting Form”) (in the form set out in Appendix 3).
Whether or not Scheme Creditors intend to be present in person at the Scheme Meeting, they are
requested to complete and sign the Voting Form.
Completed Voting Forms should be returned as soon as possible, and in any event so that they are
received by 11:00 am London time on 18 March 2008 by the Provisional Liquidators at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, United Kingdom marked for the
attention of Michael Gercke or David Chubb. Alternatively, Scheme Creditors may send their Voting
Forms by facsimile transmission to facsimile number +44 (0) 207 212 6800 marked for the attention
of Michael Gercke or David Chubb, or by email to rafidain.bank@uk.pwc.com by the same time on
the same date provided that the original Voting Forms are received by the chairman of the Scheme
Meeting prior to the commencement of the Scheme Meeting. Please note that if the originals of
faxed or emailed forms are not received within the time prescribed, they may be excluded.
The chairman of the Scheme Meeting will consider returned Voting Forms in order to determine the
value of each Scheme Creditor’s Scheme Claim, for voting purposes only, at the Scheme Meeting.
The chairman of the Scheme Meeting will have an absolute discretion to admit or reject Scheme
Claims for voting purposes in whole or in part.
The chairman of the Scheme Meeting will determine the amount of any Scheme Claim on the basis
of the information supplied by the Scheme Creditor and any information available (if any) from the
Bank’s books and records or information otherwise available to the Provisional Liquidators.
Scheme Claims will be admitted for voting purposes only on the basis of the chairman of the
Scheme Meeting’s estimate at the Scheme Meeting of the amount of the claim (if any) as at the
Ascertainment Date taking into account the amount of any known Security, Trust, Set-off or
counterclaim.
At the Scheme Meeting, the value of the Scheme Claims of Scheme Creditors whose claims are not
denominated in US Dollars will be converted into US Dollars for the purpose of voting using, as an
exchange rate, the rate of exchange for the relevant currency at the Record Date, determined as
follows:
(a) the rate of exchange for that currency detailed in the currency conversion table in Appendix 5;
or
(b) if no rate of exchange is listed for that currency for the purposes of (a) above, the mid-market
rate of exchange for that currency published by the Financial Times as at the Record Date, or,
if no such rate is published on that date, then the applicable rate so published on the nearest
preceding date; or
(c) if no rate of exchange is listed or published for that currency pursuant to (a) and (b) above as
appropriate, such rate of exchange as may be determined by the Scheme Administrators.
If any Scheme Creditor is uncertain of the amount of their Scheme Claim, they may provide an
estimate along with sufficient and appropriate evidence to support the calculation of that estimate.
Once the Scheme Meeting has been held, the results of the Scheme vote will be reported to the
English Court and provided the Scheme Creditors have voted in favour of the Scheme, the
Provisional Liquidators will seek from the English Court an order sanctioning the Scheme. Once an
office copy of the sanctioning order is delivered to the English Registrar of Companies for
registration, the Scheme will be effective.
4.5.2 Stage 2 – Scheme Effective to Claims Date
Once the Scheme becomes effective, a notice that the Scheme is effective together with a blank
claim form (in the form set out in Appendix 4) (a “Claim Form”) will be sent, as soon as reasonably
practicable, by the Scheme Administrators to all known Scheme Creditors of whom they are aware
at their last known address.
Advertisements calling for Scheme Creditors to complete and return Claim Forms will be placed in
appropriate newspapers and periodicals in relevant jurisdictions (with the intention being to include
advertisements in the United Kingdom and worldwide in The Financial Times, in the Republic of Iraq
in Al-Sabah, in India in the Economic Times and in the USA, in the Wall Street Journal (US and
International)) following the Effective Date. Such advertisements will include a statement specifying
the means by which such persons may obtain a Claim Form and require all Scheme Creditors to
lodge a Claim Form on or before the Claims Date.
Scheme Creditors should note that Claim Forms must be returned to the Scheme Administrators at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, United Kingdom marked for the
attention of Michael Gercke or David Chubb.
IMPORTANT
Scheme Creditors should note that the deadline for completed Claim Forms to be received
by the Scheme Administrators is the Claims Date, which is the day falling 180 days after the
Effective Date or, if that is not a Business Day, the next Business Day. No Scheme Creditor
will have any right after the Claims Date to submit a new or revised Claim Form. If a Claim
Form in respect of a Scheme Claim is not received by the Scheme Administrators on or
before the Claims Date, any claims brought by that Scheme Creditor will not be recognised
in the Scheme for the purposes of any Distribution.
While the Provisional Liquidators recognise that many creditors have already submitted
claims to the Provisional Liquidators there will be a need for these Scheme Creditors to
confirm their Scheme Claims in light of the fact that Scheme Claims are to be calculated at
the Record Date using the prevailing exchange rates and claims to interest calculated up to
and including the Record Date.
Subject to the paragraph immediately below, no Distribution will be made under the Scheme in
respect of interest accruing after the Record Date (any interest to which a Scheme Creditor is
entitled up to and including the Record Date may, however, be claimed). This proposed treatment
of interest on Scheme Claims has been discussed and agreed with the Provisional Liquidation
Creditors’ Committee.
In the unlikely event that the Admitted Scheme Claims have been paid in full then, for the purpose
only of the Scheme, simple interest will become payable on all Admitted Scheme Claims at the rate
of 8% per annum. Any interest payment shall be made rateably on the Admitted Scheme Claims in
respect of periods during which such claims were outstanding since the Record Date and shall be in
lieu of any other entitlement to interest for this period.
4.5.3 Stage 3 – Claims Date to Scheme Claims being agreed and admitted into the Scheme
The Scheme Administrators on behalf of the Bank will seek to agree Scheme Claims under the
Scheme for each Claim Form returned to them as soon as reasonably practicable and with the
intention of doing so within 6 months of the Claims Date (or such longer period as may be necessary
following consultation by the Scheme Administrators with the Scheme Creditors’ Committee).
Agreed Scheme Claims will then become Admitted Scheme Claims. Scheme Creditors should be
prepared to provide any additional information the Scheme Administrators may request as part of
the process of agreeing Scheme Claims, with the onus being on Scheme Creditors to provide
sufficient supporting information to enable the Scheme Administrators to evaluate their claims.
For any Scheme Claim which cannot be agreed between a Scheme Creditor and the Scheme
Administrators, the Scheme Administrators will issue a Rejection Notice. If the Scheme Creditor
wants to appeal against the Rejection Notice, then he can request his Scheme Claim to be
submitted to an Independent Claims Adjudicator. The Scheme adopts an adjudication procedure by
an Independent Claims Adjudicator for dealing with disputed claims since this should be both
quicker and cheaper for both the Disputing Creditor and for Scheme Creditors generally than the
alternative of a court based appeal process.
In these circumstances the Scheme Creditor will be required to send to the Scheme Administrators
a Dispute Notice within 60 days of receiving the Rejection Notice. The Scheme Creditor will
following receipt of the Independent Claims Adjudication Appointment Notice be obliged to pay the
Adjudication Deposit (being the sum of £2,500 plus VAT, if applicable) to the Independent Claims
Adjudicator (subject to any waiver of this requirement in exceptional circumstances by the Scheme
Administrators), and then submit to the Independent Claims Adjudicator and the Scheme
Administrators the Disputing Creditor’s Papers (as defined in the Scheme) in order to assist the
appointed Independent Claims Adjudicator in reaching a decision. The Scheme enables different
Independent Claims Adjudicators to be appointed (after consultation with the Scheme Creditors’
Committee) having regards to the nature of the Disputed Claim.
The Independent Claims Adjudicator will review the information submitted by both the Scheme
Creditor and the Scheme Administrators and will make a final determination in respect of the
Disputed Claim referred to him in accordance with the adjudication procedures set out in the
Scheme. An Independent Claims Adjudicator’s decision will be final and binding on the Scheme
Administrators and the Scheme Creditor (insofar as the law permits, subject to any mathematical or
other manifest error, and provided that the appointed Independent Claims Adjudicator has acted in
good faith and with due care). In order to safeguard the interests of Scheme Creditors as a whole
and be equitable to the Disputing Creditor, the Independent Claim Adjudicator’s Costs shall be paid
by the Disputing Creditor or by the Scheme Administrators in a manner consistent with the decision
on the Scheme Claim of the Independent Claims Adjudicator, or as the appointed Independent
Claims Adjudicator shall otherwise think just and equitable.
At the end of this stage, all Scheme Claims will either have become Admitted Scheme Claims or
have been rejected.
4.5.4 Stage 4 – Admitted Scheme Claims to Scheme Termination
Throughout stages 1 to 3 above, the Provisional Liquidators will continue to collect in, realise and
hold assets for the benefit of the Scheme Creditors as a whole.
It is the intention of the Scheme Administrators that Distributions will be made as quickly as
reasonably practicable after the Scheme Assets have been realised and Scheme Claims have been
agreed. The Scheme will enable the Scheme Administrators to make interim Distributions (if
appropriate), after having set aside a reserve for claims which have been submitted but have not yet
been agreed.
Scheme Claims admitted in US Dollars and Sterling will be paid in these currencies. All Scheme
Claims admitted in currencies other than those above will be converted into US Dollars at the
Relevant Rate of Exchange. Scheme Claims incurred in both Sterling and US Dollars will be
converted into the dominant currency (by value) at the Relevant Rate of Exchange. The timing of
the first Distribution depends on the speed with which Scheme Claims can be agreed and Scheme
Assets realised and converted into cash.
The Scheme will terminate on the date on which the Scheme Administrators give notice to the
Scheme Creditors by posting a notice on the Rafidain Scheme website that the Distribution to
Scheme Creditors of all the Scheme Assets available for Distribution to them in accordance with the
Scheme has been completed and all Scheme Costs have been paid.
4.6 Why have you been sent this document?
You have been sent this document because the Bank's records available to the Provisional
Liquidators indicate that you are or could be a Scheme Creditor. However, receipt of this document
does not necessarily mean that you are a Scheme Creditor or that you will be affected by the
Scheme.
5. OUTLINE OF THE SCHEME
The Scheme is set out at Section 3 of this document. The principal provisions of the Scheme and an
explanation of their effect are summarised in paragraphs 5.1 to 5.7.
In summary, the proposal to Scheme Creditors is that Scheme Creditors accept their rights under
the Scheme in lieu of their entitlements to claim against the Scheme Assets and in lieu of their
entitlements to issue proceedings in England and Wales against the Bank in relation to their
Scheme Claims.
5.1 Who is a Scheme Creditor?
Save in respect of an Excluded Liability, the Scheme applies to all creditors of the Bank as long as
the claim against the Bank arose before or on the Record Date and remains outstanding at the
Effective Date and which would have been provable in a liquidation had the Bank been the subject
of a compulsory winding-up order in England and Wales made on the Record Date.
5.2 What is the proposed arrangement between Scheme Creditors and the Bank?
In exchange for a Distribution under the Scheme, Scheme Creditors agree that they accept such
Distribution in lieu of their entitlement to issue any proceedings against the Bank in England and
Wales and in lieu of their entitlements against the Scheme Assets generally.
5.3 What is the procedure for submitting and agreeing Scheme Claims?
Scheme Creditors are required to submit their Scheme Claims against the Bank no later than the
Claims Date (being 180 days after the Effective Date or if that date is not a Business Day the next
Business Day). Scheme Creditors have a right to enforce any Security or Trust if it was created
before the Record Date and is recognised as applying to the Scheme Assets.
Where a Scheme Creditor and the Scheme Administrators cannot agree the value of a Scheme
Claim, the Scheme Creditor can require the Scheme Claim to be submitted for independent
adjudication by an Independent Claims Adjudicator in accordance with the Scheme to determine his
Scheme Claim against the Bank.
A Scheme Claim will not include amounts of interest accrued after the Record Date. No further
claim for interest can be made by a Scheme Creditor against the Bank other than as described in
paragraph 4.5.2.
A Scheme Creditor who submits a Claim Form after the Claims Date will lose any right to be paid a
Distribution.
Scheme Creditors and the Bank can rely on Set-off operating in the same way as it would if the Bank
had been wound up on the date the Provisional Liquidators were appointed (being 21 February
1991).
By agreement between the Scheme Administrators and any Scheme Creditor with an Admitted
Scheme Claim, an Admitted Scheme Claim may be varied. If the Scheme Administrators wish to
vary an Admitted Scheme Claim and provided it has not been determined by an Independent
Claims Adjudicator they shall give a notice of variation to the Scheme Creditor concerned. Such
Scheme Creditor may if he wishes refer the matter for independent adjudication as set out in the
Scheme.
5.4 How will the proceeds of Scheme Assets be distributed?
The Provisional Liquidators will continue to realise assets and manage the Bank’s affairs, insofar as
they relate to the Scheme Assets. It is intended that they will continue to remain in office to assist
the Scheme Administrators carry out their duties. The Provisional Liquidators’ remuneration and
expenses (plus any VAT thereon at the applicable rate in force from time to time) will continue to be
paid out of the funds held and insofar as the law allows such remuneration will be fixed and drawn
down as agreed by the Scheme Creditors’ Committee or, failing agreement with the Provisional
Liquidators, by an independent person for adjudication.
Scheme Assets will be applied in the following order:
(a) first, in payment of any unpaid Provisional Liquidators’ Costs;
(b) second, in payment of Scheme Costs; and
(c) third, in payment of all Scheme Claims which are Admitted Scheme Claims, with claims
ranking rateably at full amounts without any deduction for other Distributions (being other
distributions under the Scheme) received.
The Provisional Liquidators do not anticipate that the distribution of the proceeds of the Scheme
Assets to the Scheme Creditors will ever, in aggregate, be sufficient to repay the Admitted Scheme
Claims in full. However, to the extent that there is any surplus the provisions described in paragraph
4.5.2 shall apply.
Scheme Claims admitted in US Dollars or Sterling will be paid in these currencies. All Scheme
Claims admitted in currencies other than those above will be converted into US Dollars at the
Relevant Rate of Exchange. Scheme Claims comprising both Sterling and US Dollar amounts will
be converted to the dominant currency (by value) at the Relevant Rate of Exchange.
Distributions will be made as quickly as practicable after the Scheme Assets have been realised and
Scheme Claims have been agreed. The Scheme Administrators will have the power to make
interim Distributions (if appropriate) after having required the Provisional Liquidators to set aside a
reserve for claims which have been submitted but not yet been agreed, if this is applicable.
Distributions will be made either by telegraphic transfer or such other manner as the Scheme
Administrators may determine. The Scheme Administrators shall not be obliged to direct the
Provisional Liquidators to make a payment or transfer in respect of a Distribution if this would breach
the money laundering procedures of PricewaterhouseCoopers LLP or its bankers or where a
licence has not been granted by Her Majesty’s Treasury in the United Kingdom to make such
payment.
5.5 Administration of the Scheme and the management of the Bank
5.5.1 Scheme Administrators
The Scheme provides for the appointment of Scheme Administrators who will be responsible for
supervising the Scheme. However, the day-to-day control of the London branch of the Bank and the
Scheme Assets will be carried out by the Provisional Liquidators.
The main functions of the Scheme Administrators are to determine Scheme Claims and to
determine when and in what amount Distributions are to be paid.
The Scheme Administrators will report to Scheme Creditors on progress with the Scheme, and will
give information, within reason and as required, to the Scheme Creditors’ Committee.
Save in limited circumstances, the Scheme Administrators will also within 10 Business Days of the
Claims Date publish on the Rafidain Scheme website a list of names of the parties who have
submitted a Claim Form.
The first Scheme Administrators are proposed to be:
(a) Michael David Gercke;
(b) Russell Downs; and
(c) David Christian Chubb,
each being either a member or director of PricewaterhouseCoopers LLP.
The Scheme Administrators will be remunerated in respect of the Scheme on the basis of time costs.
This is consistent with normal liquidation procedure and the provisional liquidation of the Bank. The
Scheme Administrators will be entitled to draw remuneration as it is incurred with the Scheme
Creditors’ Committee approving such remuneration or, failing such approval, this being referred to
an independent person for adjudication.
5.5.2 Scheme Creditors’ Committee
The Scheme provides for a Scheme Creditors’ Committee to be appointed. The initial members of
the Scheme Creditors’ Committee shall consist of those persons who are members of the
Provisional Liquidation Creditors’ Committee and who have agreed to act as members of the
Scheme Creditors’ Committee. A majority of the Provisional Liquidation Creditors’ Committee by a
resolution passed on 17 October 2007 resolved that when the Scheme becomes effective they will
serve as members of the Scheme Creditors’ Committee, on the terms of the Scheme.
The purpose of the Scheme Creditors’ Committee is to oversee the implementation of the Scheme
on behalf of the Scheme Creditors and to assist the Scheme Administrators in exercising their
functions and duties.
The key functions and duties of the Scheme Creditors’ Committee are to:
(a) monitor the carrying out of the Scheme and assist the Scheme Administrators in carrying out
their functions;
(b) appoint a person qualified to perform the role of Scheme Administrator and who is a member
or director of PricewaterhouseCoopers LLP, if a Scheme Administrator ceases to hold office;
(c) approve Scheme Administrators’ remuneration, with any disputes referred to an independent
person, whose determination is binding on the Scheme Administrators and the Scheme
Creditors’ Committee;
(d) act in the interests of the whole body of Scheme Creditors;
(e) not act where they have an interest or conflict of interest; and
(f) preserve the confidentiality of information they receive from the Scheme Administrators.
In carrying out their functions, the Scheme Administrators:
(a) must have regard to the Scheme Creditors’ Committee recommendations but are not obliged
to comply with any recommendations; and
(b) shall consult with the Scheme Creditors’ Committee on matters material to the Scheme.
5.5.3 Independent Claims Adjudicator
An Independent Claims Adjudicator will be appointed (if necessary) by the Scheme Administrators
as soon as practicable after receipt from a Scheme Creditor of a Dispute Notice following the
rejection of his Scheme Claim, after consultation with the Scheme Creditors’ Committee, having
regard to the nature of the Disputed Claim. The appointed Independent Claims Adjudicator (with
the Scheme enabling more than one to be appointed) will within 60 days of his appointment (or such
longer period as the Scheme Administrators for good cause allow), conclusively determine the
amount of the Admitted Scheme Claim (if any) referred to him for independent adjudication. An
Independent Claims Adjudicator will be an individual who is duly qualified, in the reasonable opinion
of the Scheme Administrators, to discharge the functions and powers of an Independent Claims
Adjudicator, as applicable, under the Scheme with the appropriate expertise having regard to the
nature of the Disputed Claim.
5.6 How will the Scheme terminate?
The Scheme will terminate on the date on which the Scheme Administrators give notice to the
Scheme Creditors by posting a notice on the Rafidain Scheme website that the Final Distribution to
Scheme Creditors of all the Scheme Assets available for Distribution to them in accordance with the
Scheme has been completed and all the Scheme Costs have been paid.
The powers, duties and responsibilities under the Scheme of the Scheme Administrators, any
Independent Claims Adjudicator, the Scheme Creditors’ Committee and the Provisional Liquidators
shall cease upon the termination of the Scheme subject to the preservation of certain residual rights.
Once the Scheme terminates, the Provisional Liquidators will likely apply to the English Court to
vacate office and thereafter seek their release from liability in relation to the provisional liquidation of
the Bank.
5.7 General Scheme provisions
The Scheme contains a “stay of proceedings” provision which prohibits Scheme Creditors from
taking any action to enforce Scheme Claims against the Bank other than in accordance with the
Scheme. This stay shall survive the termination of the Scheme or the dismissal of the Winding-up
Petition (as defined in the Scheme). The Scheme Administrators will be entitled to treat their
estimate of the value of any advantage gained by a Scheme Creditor through breach of this
prohibition as a payment on account of Distribution payments otherwise due or becoming due to the
Scheme Creditor concerned.
The Scheme provides for indemnities in favour of the Scheme Administrators and Employees (as
defined in the Scheme), the Provisional Liquidators, an Independent Claims Adjudicator and the
Scheme Creditors’ Committee in certain circumstances and a release of liability by each Scheme
Creditor and the Bank in favour of the Provisional Liquidators, their Employees and advisers in
relation to the preparation, negotiation and implementation of the Scheme and matters in relation to
the provisional liquidation up to the Effective Date.
Meetings of Scheme Creditors will be convened by the Scheme Administrators at any time and for
such purposes as the Scheme Administrators think fit or when required by a resolution of the
Scheme Creditors’ Committee. Under the Scheme, the Scheme Administrators shall produce an
annual report to Scheme Creditors detailing progress made in the conduct of the Scheme (which
may be combined with any report prepared by the Provisional Liquidators in relation to the
provisional liquidation, where appropriate). These reports will be made available on the Rafidain
Scheme website and upon request.
The Provisional Liquidators may consent to any Scheme modifications recommended by the
English Court.
The Scheme Administrators may apply to the English Court for a modification to the Scheme after
consulting with the Scheme Creditors’ Committee.
The Scheme will be governed by the laws of England and Wales.
6. FACTORS TO BE CONSIDERED WHEN VOTING ON THE SCHEME
At present, the alternatives available in England and Wales to the Scheme include:
(a) recommending to the English Court that the provisional liquidation be terminated and the
Bank be placed into compulsory liquidation and the Scheme Assets be distributed by an
English liquidator on a stand-alone basis;
(b) seeking an order of the English Court to remit the Scheme Assets to the DFI; and
(c) adoption of an alternative scheme of arrangement.
The Provisional Liquidators recommend the proposed Scheme as the best way to maximise the
return to Scheme Creditors having regard to the apparent alternatives. The Provisional Liquidators
do not favour putting the Bank into compulsory liquidation in England and Wales (thereby ending the
provisional liquidation) since they do not regard this as a better procedure for agreeing claims and
making Distributions. Furthermore, such a liquidation could be opposed by Rafidain Baghdad since
one of the key advantages of the Scheme over other options is that it will enable the Scheme Assets
to be distributed without, as Rafidain Baghdad may consider, impacting on the ongoing business
and status of the Bank in other jurisdictions.
The Provisional Liquidators therefore recommend that Scheme Creditors vote in favour of the
Scheme and by a resolution passed on 9 November 2007 the Provisional Liquidation Creditors’
Committee resolved that the Scheme, which has been developed in consultation with them, has the
support of the Scheme Creditors’ Committee and that those members of the Scheme Creditors’
Committee who voted on the resolution intend, where able, to vote in favour of the Scheme.
APPENDIX 1 - LIST OF DOCUMENTS AVAILABLE FOR INSPECTION
The information/documents below or copies of them will be available for inspection on reasonable
notice by Scheme Creditors (until the close of the Scheme Meeting), on request, from the
Provisional Liquidators at the address detailed at page 2 of this document during ordinary business
hours on any Business Day:
(1) orders of the English Court in relation to the Bank from appointing the Provisional Liquidators
on 21 February 1991 to obtaining the order of the English Court dated 18 December 2007
directing the convening of the Scheme Meeting;
(2) copies of all reports sent to creditors since 21 February 1991 updating them on progress of
the provisional liquidation;
(3) letters of consent to act in relation to the Scheme from each of:
(a) Michael David Gercke;
(b) Russell Downs;
(c) David Christian Chubb; and
(4) the Practice Statement letter dated 8 October 2007.
Copies of these documents can also be downloaded from the Rafidain Scheme website at
www.rafidainbank.co.uk.
APPENDIX 2 - FINANCIAL POSITION AS AT 30 SEPTEMBER 2007
SUMMARY OF ASSETS HELD BY AND LIABILITIES NOTIFIED TO THE PROVISIONAL
LIQUIDATORS AS AT 30 SEPTEMBER 2007
The figures herein contained should be read in conjunction with the accompanying notes
Note
US$’m
Assets
1
Cash
265
Other Assets
25
290
Liabilities
2
Bank Liabilities
3
(909)
Letters of Credit
3
(598)
Republic of Iraq Assignment
4
(228)
London Branch Provisions
5
(422)
(2,157)
Net Deficiency of Funds
(1,867)
Notes
1. Assets
This balance represents the total assets comprising cash held by the Provisional Liquidators on
deposit, and other assets (principally property) under the control of the Provisional Liquidators,
as stated at the latest available valuation. The assets have been converted into US Dollars
using exchange rates at 30 September 2007.
2. Liabilities
Liabilities have been converted into US Dollars using exchange rates at 21 February 1991 (the
Record Date).
3. Bank Liabilities and Letters of Credit claims
These balances represent the total of UK and foreign bank liabilities and Letters of Credit, taking
into account balances recorded in the books of the Bank’s London branch on 21 February 1991;
plus claims received from creditors since 21 February 1991; less balances where the
Provisional Liquidators have confirmed no claim exists; less claims which have been cancelled
through the IDRO Process or any other debt settlement process.
Please note that claims have not been formally agreed with creditors.
4. Republic of Iraq Assignment
This balance is the amount notified to the Provisional Liquidators by the Republic of Iraq,
through its Ministry of Finance, in respect of assignment to it of some claims settled through the
IDRO Process.
5. London Branch Provisions
These are provisions carried in the balance sheet of the Bank’s London branch at 21 February
1991. No actual claims have been received at present in respect of these amounts but to be
prudent the Provisional Liquidators have retained the provisions in “Liabilities” above.
APPENDIX 3 - SCHEME VOTING FORMS AND FORMS OF PROXY
Notes for the completion of Voting Forms and Forms of Proxy
These forms should be completed by you if you believe you are a Scheme Creditor of the Bank. If
you need assistance in completing these forms, please contact the Provisional Liquidators at
PricewaterhouseCoopers LLP, using the contact details on page 2 of this document.
Completed Voting Forms and, if appropriate, Forms of Proxy should be returned as soon as
possible, and in any event so that they are received by 11:00 am (London time) on 18 March 2008
by the Provisional Liquidators at PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT,
United Kingdom marked for the attention of Michael Gercke or David Chubb. Alternatively, by
facsimile transmission to facsimile number +44 (0) 207 212 6800 marked for the attention of Michael
Gercke or David Chubb or by email to rafidain.bank@uk.pwc.com by the same time on the same
date provided that the original forms are received by the chairman of the Scheme Meeting prior to
the commencement of the Scheme Meeting. Please note that if originals of faxed or emailed forms
are not received within the time prescribed, they may be excluded.
Both the Voting Form and the Form of Proxy can be downloaded from the Rafidain Scheme website
at www.rafidainbank.co.uk. Scheme Creditors may complete the Voting Forms and Forms of Proxy
using downloaded templates.
Any Scheme Claim(s) entered on the Voting Form(s) will be used for voting purposes only and not
for the purpose of determining the existence of Admitted Scheme Claims. The amount admitted for
voting purposes shall not constitute an admission of the existence or amount of any Liability of the
Bank.
If you do not wish to attend the meeting, you may appoint the chairman of the Scheme Meeting or
some other person as your proxy. If you appoint a person other than the chairman of the Scheme
Meeting as your proxy in order to represent you, that person must attend in person at the Scheme
Meeting.
It is particularly important that you sign the reverse of the Form of Proxy. If you wish to vote for the
Scheme, sign in the box marked “FOR THE SCHEME”. If you wish to vote against the Scheme,
sign in the box marked “AGAINST THE SCHEME”. If you wish to give your proxy holder discretion
to vote for or against (or abstain) at the Scheme Meeting you should mark the box “AT
DISCRETION”. If you appoint the chairman as your proxy and give him discretion to vote as he
thinks fit, he will vote in favour of the Scheme (with or without modification).
VOTING FORM
(TO BE USED AT THE MEETING OF SCHEME CREDITORS)
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COMPANIES COURT
CASE NO. 8577 OF 2007
1.
Name of Creditor:
........................................................
2.
Address for further correspondence:
........................................................
........................................................
........................................................
........................................................
........................................................
3.
UK Limited Company Registration Number of Creditor
(if applicable):
........................................................
4.
Total amount of Creditor’s claim which is outstanding at
31 December 2007:
(include any VAT (if applicable) as at 21 February 1991,
Please give details of the amount of interest (if any)
included, up to and including 21 February 1991
(but excluding any interest after 21 February 1991).
Please state the currency in which the claim is
denominated.
5.
Details of how and when the debt was incurred together
with supporting documentation:
Particulars of any right of set-off claimed. Please state
both the currency in which the claim is denominated and
the amount.
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
8.
Signature of Creditor or person authorised to act
on behalf of the Creditor:
Name in BLOCK CAPITALS:
Position:
........................................................
........................................................
........................................................
NB - Voting Forms will be used for voting purposes only at the Scheme Meeting. Scheme Claims
for voting purposes at the Scheme Meeting must be lodged so they are received by 11:00 am
(London time) on 18 March 2008 by the Provisional Liquidators at PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, United Kingdom marked for the attention of Michael Gercke
or David Chubb, by facsimile transmission to facsimile number +44 (0) 207 212 6800 marked for
the attention of Michael Gercke or David Chubb or by email to rafidain.bank@uk.pwc.com by the
same time on the same date provided that the original forms are received by the chairman of the
Scheme Meeting prior to the commencement of the Scheme Meeting. Please note that if originals
of faxed or emailed forms are not received within the time prescribed, they may be excluded.
RAFIDAIN BANK (IN PROVISIONAL LIQUIDATION)
FORM OF PROXY
(TO BE USED AT THE MEETING OF SCHEME CREDITORS)
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COMPANIES COURT
CASE NO. 8577 OF 2007
In the matter of Rafidain Bank (in provisional liquidation) and its Scheme Creditors (as defined in the Scheme) and in the matter of the
Companies Act 1985 in England and Wales.
This Form of Proxy is to be used at the Scheme Meeting to be held at the offices of Norton Rose LLP at 3 More London Riverside, London SE1 2AQ, United
Kingdom on 20 March 2008 at 11:00 am (London time), the time mentioned in the notice summoning the Scheme Meeting.
I/We …………………………………………………………………………………………………………………………………………………………………….………..
(enter the name of the Scheme Creditor – see note (1) to this Form of Proxy)
of …………………………………………………………………………………………………………………………………………………………………………..……..
(enter the address of the Scheme Creditor – see note (1) to this Form of Proxy)
Contact Name: ………………………………………………………………………………………………………….
Position/Capacity: …………………………………………………………………………………….……………………
(see note (2) to this Form of Proxy)
email: …………………………………………………………………………………………………………...
Facsimile number: ………….……………………………………………………………………………………………….
Telephone number: ………………………………. ………………………………………………………………………….
Being a Scheme Creditor of the Bank in the aggregate sum of:
Currency
Amount *
* This amount must be the amount outstanding at 21 February 1991
excluding interest accrued after that date.
(see note (3) to this Form of Proxy)
HEREBY APPOINT the chairman of the Scheme Meeting or ……………………………………………………………………………………………………………..…
(see note (4) to this Form of Proxy)
as my/our proxy to act for me/us at the Scheme Meeting for the purposes of considering and, if thought fit, approving (with or without modification) the Scheme
of Arrangement referred to in the notice summoning the Scheme Meeting, and at such Scheme Meeting, or any adjournment thereof, to vote for me/us and in
my/our name(s) for the Scheme or against the Scheme or at his discretion (either with or without modification as my/our Proxy may approve) as indicated on this
form (see note (5) of this Form of Proxy).
FOR THE SCHEME
(with or without modification)
AGAINST THE SCHEME
(with or without modification)
AT DISCRETION
(with or without modification)
Signature:
Date:
Signature:
Date:
Signature:
Date:
FORM OF PROXY
INSTRUCTIONS FOR COMPLETION OF THE FORM OF PROXY
Please note that the terms contained within these instructions and the Form of Proxy bear the same meanings as given to them in the Scheme.
1. Enter the name and address of the Scheme Creditor in BLOCK CAPITALS. If you are the duly authorised agent and/or attorney of a Scheme Creditor or a
number of Scheme Creditors, complete a separate Form of Proxy in respect of each Scheme Creditor (photocopying the form as many times as necessary)
and provide evidence (which must be satisfactory to the chairman of the Scheme Meeting) of your authority to execute the Form of Proxy on each Scheme
Creditor’s behalf. Please note that each Scheme Creditor which is a company within a group of companies must complete a separate Form of Proxy, as a
group submission is not permissible.
2. If you are the duly authorised representative of a corporation or a partnership or other unincorporated body of persons, or the duly authorised agent and/or
attorney of a Scheme Creditor or a number of Scheme Creditors, enter your name in BLOCK CAPITALS and the capacity in which you have signed the
Form of Proxy (for example director, partner or agent and/or attorney). If you are the duly authorised representative of a number of Scheme Creditors, a
separate Form of Proxy (photocopying the form as many times as necessary) should be completed in respect of each Scheme Creditor.
3. Enter the estimated total amount of the claim(s). If you have claims in separate currencies, please enter the total amount of such claims in each currency on
a separate line. At the Scheme Meeting, the value of the Scheme Claims of Scheme Creditors whose Scheme Claims are not denominated in US Dollars
will be converted into US Dollars for the purpose of voting using, as an exchange rate, the rate of exchange for the relevant currency at the Record Date,
determined as follows:
(a) the rate of exchange for that currency detailed in the currency conversion table in Appendix 5; or
(b) if no rate of exchange is listed for that currency for the purposes of (a) above, the mid-market rate of exchange for that currency published by
The Financial Times as at the Record Date, or, if no such rate is published on that date, then the applicable rate so published on the nearest
preceding date; or
(c) if no rate of exchange is listed or published for that currency pursuant to (a) and (b) above as appropriate, such rate of exchange as may be
determined by the Scheme Administrators.
4. If you wish to appoint a person other than the chairman of the Scheme Meeting as your proxy, delete the words “the chairman of the Scheme Meeting” and
enter the name of the person to be appointed. The person to be appointed as your proxy need not be a Scheme Creditor. If you appoint a person other than
the chairman of the Scheme Meeting as your proxy, that person must attend the Scheme Meeting in order to vote on your behalf.
5. If you wish to instruct your proxy to vote for the Scheme, please sign the box marked “FOR THE SCHEME”. If you wish to instruct your proxy to vote against
the Scheme, please sign the box marked “AGAINST THE SCHEME”. If you wish to leave your vote(s) to the discretion of your proxy, please sign the box
marked “AT DISCRETION”. If you appoint the chairman of the Scheme Meeting as your proxy and give him discretion to vote as he thinks fit, he will vote in
favour of the Scheme (with or without modification).
APPENDIX 4 - SCHEME CLAIM FORM
This Claim Form should be completed if you are a Scheme Creditor of the Bank once the Scheme has
been sanctioned. If you need assistance in completing this form, please contact
PricewaterhouseCoopers LLP at Plumtree Court, London EC4A 4HT, United Kingdom (email:
rafidain.bank@uk.pwc.com). Completed Claim Forms must be returned on or before the day falling
180 days after the Effective Date or, if that day is not a Business Day, the next succeeding day which
is a Business Day (the “Claims Date”).
Creditors have a right to enforce a Security or Trust if it was created on or before the Record Date and
is recognised as applying to Scheme Assets.
If the Scheme Administrators disallow a Scheme Claim, in whole or in part, a Scheme Creditor may
request that his Scheme Claim be dealt with by an adjudication procedure in accordance with the
Scheme to determine his Scheme Claim against the Bank.
A Scheme Claim will not include amounts of interest accrued after the Record Date. No further claim
for interest can be made by a Scheme Creditor against the Bank whether pursuant to the Scheme or
otherwise unless interest is payable due to all Admitted Scheme Claims having been paid in full.
Scheme Creditors and the Bank can rely on Set-off working in the same way as it would if the winding
up of the Bank had commenced on 21 February 1991, being the date the Provisional Liquidators were
appointed.
RAFIDAIN BANK (IN PROVISIONAL LIQUIDATION)
CLAIM FORM
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COMPANIES COURT
CASE NO. 8577 OF 2007
1.
Name of Creditor:
..................................................................................
2.
Address for further correspondence:
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
3.
UK Limited Company Registration Number of Creditor (if applicable):
.................................................................................
4.
Total amount of Creditor’s claim at 21 February 1991 which is outstanding at the Effective Date:
(NOTE 1)
(include any VAT (if applicable) and interest (if applicable) up to 21 February 1991)
(excluding interest after 21 February 1991)
(state the currency in which the claim is denominated):
5.
What goods and services were provided:
.................................................................................
.................................................................................
.................................................................................
.................................................................................
6.
Summary of any attached documents by reference to which the claim can be substantiated:
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
7.
Particulars of how and when the debt was incurred together with supporting documentation:
For Letter of credit claims, please provide:
- Letter of credit number
- Name and address of issuing Bank
- Name and address of confirming/advising Bank
- Date documents presented
- Date documents accepted
For inter-Bank loans, please provide:
- Bank statements evidencing loans
- Loan documentation
- Details of interest accrued and outstanding prior to the Record Date (21 February 1991)
For other claims against the Bank, please provide copies of invoices or any other documentation
which supports the claim being submitted.
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
8.
Signature of Creditor or person authorised to act on behalf of the Creditor:
Name in BLOCK CAPITALS:
Position:
.................................................................................
.................................................................................
.................................................................................
NB - Claim Forms must be submitted to PricewaterhouseCoopers LLP at Plumtree Court, London EC4A 4HT, United Kingdom marked for the
attention of Michael Gercke or David Chubb on or before the Claims Date (as defined in the Scheme), by facsimile transmission to facsimile number
+44 (0) 207 212 6800 marked for the attention of Michael Gercke or David Chubb or by email to rafidain.bank@uk.pwc.com by the same time on the
same date provided that the original forms are received by the above contacts by the Claims Date. Please note that if originals of faxed or emailed
Claim Forms are not received within the time prescribed, they will be excluded.
NOTE 1 - If your claim is after set-off against amounts owed by you to the Bank, please provide details of the set-off
APPENDIX 5 - CURRENCY CONVERSION TABLE
US Dollar Scheme Exchange Rates as at 21 February 1991 for the purposes of Distributing Scheme
Assets to Scheme Creditors with Admitted Scheme Claims
United Nations convene a conference on combating corruption and the International Covenant with Iraq
08. Baghdad March 17, 2008 - UNDP organized a conference on the fight against corruption under the title (good governance and the fight against corruption) in Baghdad on Monday 17 and Tuesday, March 18, 2008. . The conference comes within the international Ataraalad with Iraq and the United Nations Convention against Corruption. "Where UNDP work on the organization of this conference as part of the range of activities undertaken in support of good governance. By the European Commission to finance such a conference.
ستورا. And chaired the conference, which is the first event on the fight against corruption in Baghdad, the Special Representative of the Secretary-General of the United Nations in Iraq, Staffan Mistura. . This has addressed the Iraqi Deputy Prime Minister, Dr. Barham Salih, attendance briefly reviewing measures taken by the Government in this area.
. The Deputy Secretary-General of the United Nations and Director of the United Nations Office on Drugs and Crime, Mr. Antonio Maria Costa keyword representatives of the United Nations.
هذا. This was Dr. Barham Salih and four Iraqi institutions entrusted with the role played in the fight against corruption, data Avcthaih related subject Conference and the efforts of the Iraqi government in the fight against corruption. . These institutions are joint councils to combat corruption, the Supreme Council for scrutiny, the Office of Public Integrity and the Inspector General. . As both the Vice President of the World Bank, which was on a visit to Baghdad, Acanutordaniela Jeriseni, and the Executive Director of the United Nations Office for Project Services, Mr. Jan Mattson, extended words of the participants. . The audience included members representing the Iraqi government and the parliament of Iraq in addition to high-level representatives of the donor community in Baghdad.
. This has included the conference, which continued its work for two days, discussions on the technical reports on topics such as prevention, capacity building and institutional development and conviction, law enforcement and the role of non-governmental organizations and media, civil society organizations and public awareness.
. And speaks highly of the United Nations Iraq's commitment to the International with Iraq, which is chaired by participating in the Iraqi Prime Minister, Nouri Al-Maliki, and the Secretary General of the United Nations, Ban Ki-moon, as a prominent trend towards integrity in governance and democratic processes are accompanied by growth sectors. . The main objective of this conference support provided by the United Nations system to strengthen Iraqi institutions, which play an important role in ensuring transparency and efficiency in the implementation of the International Covenant with Iraq.
. The Iraqi government has taken the first steps towards ratification of the United Nations Convention against Corruption. . Iraqi government will also, as one of the expected ratification of the Convention in future initiatives consistent with the principles and obligations under the Convention and will be able to seek United Nations assistance to the programmes and activities on combating corruption.
http://64.233.179.104/translate_c?hl...eadmore%3D6607
Announcement No.(1128)
D.G. of Foreign Exchange Control
The 1128 daily currency auction was held in the Central Bank of Iraq day Tuesday 2008/3/18 so the results were as follows :
Details Notes
Number of banks 14
Auction price selling dinar / US $ 1208
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 78.260.000
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 78.260.000
Total offers for selling (US $) ----- -----
I grab info from everywhere too...hard to find sometimes
lol It's ok...complimentary to me but...don't sweat it
General Goes Shopping to Highlight Calm
March 17th, 2008 @ 2:11pm
By PATRICK QUINN
Associated Press Writer
ISKANDARIYAH, Iraq (AP) - The top U.S. commander south of Baghdad stepped across a pile of trash to talk to an Iraqi man. "What do you need?" asked Maj. Gen. Rick Lynch.
Mohammed Ahmed smiled back and gave his wish list: better public services, smoother streets, more electricity.
"And security?" Lynch replied.
"Security is good," the man explained, pointing out that he got his chickens from Hillah, about 30 miles to the south along a highway that was prowled by bandits and killers a year ago.
Lynch's stroll last week through Iskandariyah _ once part of the notorious "triangle of death" south of Baghdad _ was most noticeable for its nonchalance.
Lynch took off his helmet, smoked a cigar and meandered through a marketplace on a visit intended to showcase the dramatic drop in violence in the former Sunni insurgent belt.
The trip also sought to tap into the same upbeat tone expressed in Baghdad on Monday by Vice President Dick Cheney and Sen. John McCain, the likely Republican presidential nominee. Both cited the drop in attacks _ in areas such as Lynch's zone _ as evidence that the insurgency is weakened and internal rivalries are being worked out.
But bloodshed in southern Iraq brought a different message. A female suicide bomber attacked a group of Shiite worshippers Monday near a mosque in the holy city Karbala, killing more than three dozen people.
"The enemy is still out there. We never said they left ... But it's not the same," Lynch said on Saturday in Iskandariyah, about 30 miles south of Baghdad. "I'm very comfortable walking down the street. That is how you get a sense of what is going on. You need to get on your feet and you need to move."
Children ran around their legs as chicken vendor waved at Lynch _ who lost five soldiers to a suicide bomber last week on a Baghdad street corner within a couple of miles from where Cheney and McCain met with the Iraqi leadership.
"We have a lot less problems than we had even three or four months ago," Iraqi police Col. Ali al-Zahami said.
As recently as Christmas Day, one of the U.S. Army captains accompanying Lynch last week was sitting in a ring of Bradley fighting vehicles a nearby field still smoldering from a fight with insurgents. For a visiting reporter familiar with the area's violent days, the easygoing market scene had a surreal tinge to it _ something would have seemed an impossibility.
"It's not OK yet, but it is improving," Lynch said of the security as he examined some cherry red tomatoes.
Earlier, he walked by an intersection where a suicide bomber on Feb. 25 killed at least 40 Shiite pilgrims heading to Karbala.
"We still had almost nine million people walk on that pilgrimage. What does that tell you?" Lynch said.
Violence has dropped nearly 80 percent from a year ago in the area Lynch controls, about the size of West Virginia. Many of the former insurgents and militiamen are now part of U.S.-funded Sunni and Shiite groups _ called the Sons of Iraq or Awakening Councils.
Now, some Iraqis are looking ahead to a day when U.S. forces will scale down their influence.
"We are a rich country and are now selling oil for more than $100 a barrel. We have to get our government to help," Sabbah al-Khaffaji, a city council leader and local plant manager, told a meeting of the group as he pointed to Lynch.
Lynch walked unannounced into the meeting comprising both Shiite and Sunni leaders. Their main topic of discussion: repairing a local Sunni mosque.
Investors grab slice of oil-rich region
By Steve Negus, Iraq Correspondent
Published: March 17 2008 17:03 | Last updated: March 17 2008 17:03
The Khanzad American Village rises on a hillside north of the northern Iraqi town of Irbil, a series of two-storey luxury homes which true to its name are virtually indistinguishable from a suburban planned community in California or Arizona.
One would not know by looking at most of the country that Iraq’s economy is booming at a rate that the International Monetary Fund claims will be 7 per cent in 2008 – a natural enough effect of rising oil prices in an economy driven by the public spending of petroleum revenues
Iraq to hang over Bush successor Turkish Press
WASHINGTON, March 16, 2008 (AFP) - The Iraq war that will shape history's judgment of US President George W. Bush will also hang over whoever inherits the White House -- and what is now a vastly unpopular conflict -- in January 2009. Fellow Republican John McCain says there should be more US troops fighting in Iraq, while Democrats Hillary Clinton and Barack Obama say they want to end the war and bring US troops home as quickly as possible. Clinton and Obama also oppose ongoing talks between...
Minister of Economy, Iraqi Minister of Industry Affirm Need to Increase Trade Exchange
--------------------------------------------------------------------------------
16 March 2008 (SANA)
Print article Send to friend
Source: SANA
Minister of Economy and Trade Amer Hosni Lutfi and Iraqi Minister of Industry and Minerals Fawzi Francois Hariri discussed on Sunday trade relations between the two countries and cooperation in the field of investment in textile and agriculture sectors.
Both sides stressed the need to increase trade exchange by focusing on the most promising sectors and strengthening the role of the Joint Businessmen Council.
The two sides also discussed the possibility of benefiting from Syrian harbors to provide goods and merchandise for Iraq, in addition to reviewing the new legislations in both countries for adopting social market economy.
They also underlined the need to hold regular meetings of the Higher Committee to continue pushing economic relations forward.
Oil production rate settled at two million, 400 thousand barrels per day
--------------------------------------------------------------------------------
16 March 2008 (Iraq Directory)
Print article Send to friend
Official spokesperson of the Ministry of Oil said on Thursday that the rate of Iraqi oil production has settled at two million, 400 thousand barrels per day during the first ten days of this month.
Asim Jihad said that the rate of production from the southern fields reached the limits of one million and 800 thousand barrels while the production rate last month in the northern fields reached the limits of 600 thousand barrels per day.
He added that the volume of oil exported last February was one million and 935 thousand barrels per day divided as follows: one million and 585 thousand barrels per day through the southern ports of Khor al-Ummaya and the port of Basrah while the volume of oil exported through the Turkish port of Ceyhan reached 350 thousand barrels per day.
Profits from stolen oil help keep insurgency going in Iraq International Herald Tribune
: The Bayji refinery may be the most important industrial site in the Sunni Arab-dominated regions of Iraq. On a good day, 500 tanker trucks will leave the refinery filled with fuel with a street value of $10 million. The sea of oil under Iraq is supposed to rebuild the nation and then make it prosper. But at least one-third, and possibly much more, of the fuel from Iraq's largest refinery here is diverted to the black market, according to U.S. military officials. Tankers are hijacked, drivers...
Cheney says Iraq changes "phenomenal, dramatic"
Mon Mar 17, 2008 6:35am ET
Related News
Millions of Iraqis lack water, healthcare: Red Cross
General cautions over rush to transfer Iraq security
Britain's Brown promises inquiry into Iraq war
FACTBOX: Security developments in Iraq, March 17
Pope tells Iraq to honor dead archbishop with peace
More Related News...
RELATED VIDEO
McCain visits Iraq
Play Video
Politics News
Clinton says "we cannot win" Iraq war
New York governor sworn in amid financial woes
Bush says U.S. faces "challenging times"
More Politics News... Email This Article | Print This Article | Reprints [-] Text [+] By Tabassum Zakaria
BAGHDAD (Reuters) -Vice President Dick Cheney, an architect of the U.S-led invasion of Iraq, on Monday hailed "phenomenal changes" in Iraq on a visit to assess the success of a troop build-up five years after the war began.
Cheney arrived as Republican candidate John McCain, who will be the Republican choice in November's presidential election, was meeting Iraqi leaders as part of a Senate Armed Services Committee fact-finding mission.
"Especially significant is to be able to return this week to mark the fifth anniversary of the beginning of the campaign that liberated the people of Iraq from Saddam Hussein's tyranny," Cheney said after meeting Prime Minister Nuri al-Maliki.
Reuters Pictures
Editors Choice: Best pictures
from the last 24 hours.
View Slideshow
Cheney said he sensed "phenomenal changes" since his last visit 10 months ago and described security gains as "dramatic".
Like McCain, Cheney is in Iraq as part of a wider tour to the Middle East. Cheney will also visit Saudi Arabia, Jerusalem, the Palestinian territories, Turkey and Oman on a nine-day tour.
Both men have been staunch supporters of a U.S. troop build-up that Washington says helped drag Iraq back from the brink of all-out sectarian civil war between majority Shi'ite and minority Sunni Muslims who were dominant under Saddam.
"I'm happy to say Americans are more and more understanding of the success of this strategy of the surge," McCain, referring to the build-up, told U.S. soldiers in volatile Mosul in Iraq's north on Sunday, according to a video released by the military. Continued...
http://today.reuters.com/news/articlenews.aspx?type=politicsNews&storyID=2008-03-17T115408Z_01_L01579421_RTRUKOC_0_US-IRAQ.xml&WTmodLoc=NewsHome-C3-politicsNews-2
Opposition to Kurdish move to annex Kirkuk grows
Azzaman, March 17, 2008
More than 2,000 delegates comprising Sunni and Shiite Arabs inhabiting the disputed Province of Taameem held a conference on Sunday to express their opposition to a Kurdish move to annex the province to their semi-independent entity in northern Iraq.
The delegates have issued a statement calling on the government to cancel a paragraph in the interim Iraqi constitution on a referendum to decide the fate of the province.
The future of the province, of which the oil-rich city of Kirkuk is the capital, is one of the most contentious issues in post-Saddam Hussein Iraq.
Arabs and Turkmen, who are mostly Shiites, vehemently opposed the idea of a referendum whose result they say would be a foregone conclusion due to what they describe as the Kurdish ‘hegemony’ of the city.
The delegates charged that since the downfall of Saddam Hussein’s regime, the Kurds have been dominating the provincial council, denying access to police and civil service to other ethnic minorities.
Certain groups have threatened to use force in order not to let the Kurds annex the city.
The delegates said they would oppose any referendum the government decides to hold in the future unless there was prior agreement that power in the province will be equitably divided between the Kurds, Arabs and Turkmen.
To appease the Americans, who are alleged to lean on Kurds, Arab tribes have strongly participated in U.S.-sponsored militias.
They have formed their own ‘Awakening Councils” or militia groups which the U.S. finances and arms.
The delegates said they would press ahead with helping the U.S. contain violence in the province, adding that their eagerness to join these councils was because the Kurds have prevented their tribesmen from joining the provincial police force.
“This is also one way to find jobs for the unemployed in our ranks,” the statement added
Clinton says "we cannot win" ***this explains Mcains vist**
1 hour, 28 minutes ago
WASHINGTON (Reuters) - Democrat Hillary Clinton charged on Monday the Iraq war may cost Americans $1 trillion and add strain to the sagging U.S. economy as she made her case for a prompt U.S. troop pullout from a war "we cannot win."
ADVERTISEMENT
This week marks the fifth anniversary of the U.S. invasion of Iraq, but the economy's woes competed for attention as the top issue facing voters when they choose their next president in November.
Clinton, the former first lady who is trying to convince Americans she has foreign policy gravitas, hurled criticism over Iraq at her two rivals, Illinois Democratic Sen. Barack Obama and Arizona Republican Sen. John McCain.
New York Sen. Clinton pointedly noted that while Obama insists he will withdraw U.S. troops in Iraq within 16 months of taking office, his former foreign policy adviser, Samantha Power, had said he might not follow through on the pledge.
"In uncertain times, we cannot afford uncertain leadership," Clinton said. Power resigned after a British newspaper quoted her calling Clinton a "monster."
Obama, who routinely scolds Clinton for having voted for a 2002 Senate resolution that authorized the war, fired back: "It was an unwise war which is why I opposed it in 2002 and why I will bring this war to an end in 2009."
Obama, who leads Clinton in nominating delegates with the important Pennsylvania contest coming up on April 22, began a second straight week on the defensive.
Obama, the Illinois senator who would be the first U.S. black president, scheduled a speech about race for Tuesday in Philadelphia to try to put to rest questions about his Chicago preacher, Jeremiah Wright, an African-American who sometimes laces his sermons with anti-American rhetoric.
"I am going to be talking about not just Reverend Wright, but the larger issue of race in this campaign," he said in Monaca, Pennsylvania.
MCCAIN ON MIDEAST TOUR
McCain, who has clinched the Republican presidential nomination, drew fire from Clinton even as he toured parts of Iraq as part of a Middle East and Europe swing this week that he hopes will remind Americans of his national security credentials.
She accused McCain of joining President George W. Bush in pushing a "stay the course" policy that would keep U.S. troops in Iraq for 100 years.
"They both want to keep us tied to another country's civil war, a war we cannot win," she said. "That in a nutshell is the Bush/McCain Iraq policy. Don't learn from your mistakes, repeat them."
Clinton said U.S. policy on Iraq is at a crossroads. She said the war has sapped U.S. military and economic strength, damaged U.S. national security, taken the lives of nearly 4,000 Americans and left thousands wounded.
"Our economic security is at stake," she said. "Taking into consideration the long-term costs of replacing equipment and providing medical care for troops and survivors' benefits for their families, the war in Iraq could ultimately cost well over $1 trillion."
Clinton said if elected she would convene military advisers and ask them to develop a plan to begin bringing U.S. troops home within 60 days of her taking office next January.
McCain is a big backer of Bush's troop build-up in Iraq, credited for slowing the death toll there. He told CNN if Clinton started bringing home troops in 60 days of taking office, "I just think what that means is al Qaeda wins."
Added McCain spokeswoman Jill Hazelbaker: "It would be the height of irresponsibility to stick with campaign promises to the left wing of the Democratic Party and proceed with withdrawal regardless of what the situation is on the ground in Iraq in January 2009."
McCain appears to be benefiting from the protracted Democratic battle. Polls show him running slightly ahead or nearly even with both Obama and Clinton in hypothetical matchups for the November election.
(Additional reporting by Caren Bohan in Pennsylvania and Andy Sullivan in Washington, writing by Steve Holland, editing by David Wiessler)
(To read more about the U.S. political campaign, visit Reuters "Tales from the Trail: 2008" online at http://blogs.reuters.com/trail08/
I guess inflation is where they want it..
ESTIMATED APPROPRIATIONS PROVIDED FOR OPERATION IRAQI FREEDOM BY FUNDING SOURCE,
FY2003 TO FY2008103
*Includes funds provided in the First Continuing Resolution and the FY2008 Consolidated Appropriations Act.
INFLATION104
Time Inflation
2003 36%
2004 32%
2005 20%
2006 50%
2007 5%
NOTE ON INFLATION: According to the U.S. Department of Defense’s quarterly report on Iraq for March 2007, fuel shortages
contributed to the increase in inflation for 2006. A liter of petrol jumped from 50 dinars per liter to 400 dinars from the end of 2005 to early
2007.
Rule, Not Reconciliation
Foreign Policy in Focus
Dahr Jamail | March 17, 2008
Editor: Erik Leaver
As we mark the fifth anniversary of the U.S. invasion and occupation of Iraq, rhetoric around the "success" of the so-called surge continues. Presidential hopefuls, along with members of the Bush administration, continue to tout "progress," citing fewer U.S. casualties and moves amongst Iraqi groups towards "reconciliation." While indeed, there has been a reduction in violence, it is lost in the headlines that thousands of Iraqis still are losing their lives each month in the conflict. But even worse, the "success" of the surge has the potential to bring violence to all time highs.
30 billion dinar for services in Najaf
Najaf - Voices of Iraq
Monday , 17 /03 /2008 Time 8:30:03
Najaf, Mar. 17, (VOI) – Najaf provincial council has distributed many services projects with a total cost of 29,952,000,000 Iraqi dinar (around USD 27 million) on a number of local companies, as part of the region's development plan for 2008, a spokesman for the Najaf governor said on Monday.
"The projects include paving roads, constructing bridges for cars and pedestrians in rural areas, completing water and sewage compounds, and developing the religious tourism zone between the two shrines of Maythem Al-Tamar and Muslim bin Aqeel," Ahmed Daibel told Aswat al-Iraq – Voices of Iraq – (VOI).
"The projects also include establishing health compounds for schools and rehabilitating the central library in Al-Manathra."
Daibel referred that the projects covered all the suburbs of Najaf province, as the first group of projects in 2008.
Najaf is 180 km southwest of Baghdad.
Government to create 800,000 new jobs
By Hadeel al-Jawari
--------------------------------------------------------------------------------
15 March 2008 (Azzaman)
Print article Send to friend
The government’s announcement that it was creating 800,000 new jobs is a sigh of relief amid nearly a five-year-succession of bad news, Iraqi economists said.
They said the jobs if distributed fairly and equitable should alleviate rampant unemployment which they partly blamed for fueling the current cycle of violence in the country.
“The allocation of 800,000 jobs will certainly reduce the current high jobless rates substantially if they are distributed in an equitable and natural manner,” said Isam al-Mahawili.
The government said it was keen to slash unemployment levels in the country and use soaring oil revenues to put the nation to work.
Mahawili, one of Iraq’s top economists, said the government took the right decision, adding that reducing unemployment was “one of the most effective ways to revive the economy.”
But he warned that ambitious plans like these had little chance of success unless the government reinstated stability and peace first.
Ali Khalifa, a Baghdad University economist, described the move as the right step in the path of combating violence.
“Most of the bloody and violent events we see can be attributed to skyrocketing jobless rates in the country.
“Accommodating the jobless will contribute to stability and lead to economic prosperity,” he said.
Khalifa urged the government to encourage private sector entrepreneurs to re-open their factories most of which have been idle since the 2003 U.S. invasion.
Red Crescent warns of a new wave of Iraqi refugees
By Salem Areef
--------------------------------------------------------------------------------
17 March 2008 (Azzaman)
Print article Send to friend
The Iraqi Red Crescent Society is warning of a massive exodus if U.S. and Iraqi troops go ahead with plans to attack Mosul, the country’s second largest city with nearly 3.8 million people.
The northern city which is the capital of the Province of Nineveh has turned into a major stronghold for forces resisting U.S. occupation and elements of the al-Qadeda organization.
Tensions are high and violence has gripped the city in the past few months with at least one hundred houses destroyed and hundreds of people killed or injured.
Certain quarters are so violent that neither U.S. troops nor Iraqi forces are capable of entering.
But the society said it feared a joint attack in which units of Kurdish militias are to take part will lead to one of the largest waves of internally displace people the country has seen since the 2003 U.S. invasion.
Hard pressed ethnic and religious minorities in the city have been leaving either to the Kurdish north or neighboring Syria.
Mosul is a predominantly Sunni Arab city and residents are apparently unhappy with the role U.S. occupation troops have given to Kurdish militia fighters.
The Arabs see Kurdish involvement in areas which have traditionally not been part of Iraqi Kurdistan with suspicious eyes.
Kurdish militias are now present in most villages and towns which are administratively part of Mosul as the center of Nineveh Province.
Some of these areas hold huge oil reserves like Ain Zala.
There are already about three million Iraqi refugees in neighboring states and more than two million others are displaced as a result of ongoing U.S. military operations and sectarian strife.
Study: After U.S. antiwar outpouring, insurgent attacks go up 7-10%
Radha Iyengar and Jonathan Monten, two economists at Harvard, just published a new study titled "Is There an 'Emboldenment' Effect in Iraq? Evidence From the Insurgency in Iraq." (You can buy the paper here).
In a story summarizing the paper, U.S. News & World Report presents the main findings:
--In the short term, there is a small but measurable cost to open public debate in the form of higher attacks against Iraqi and American targets.
--In periods immediately after a spike in "antiresolve" statements in the American media, the level of insurgent attacks increases between 7 and 10 percent.
--Insurgent organizations are strategic actors, meaning that whatever their motivations, religious or ideological, they will respond to incentives and disincentives.
Here are the caveats to these provocative topline conclusions:
--The city of Baghdad, for a variety of reasons, was excluded from the report. The authors contend that looking at the outside provinces, where 65 percent of insurgent attacks take place, is a better way to understand the effect they have discovered. Other population centers like Mosul, Basra, Kirkuk, and Najaf were included in the study.
--The study does not take into account overall cost and benefit of public debate. Past research has shown that public debate has a positive effect on military strategy, for example, and, in the case of Iraq, might be a factor in forcing the Iraqi government to more quickly accept responsibility for internal security.
--It was not possible, from the data available, to determine whether insurgent groups increased the overall number of attacks against American and Iraqi targets in the wake of public dissent and debate or simply changed the timing of those attacks. This means that insurgents may not be increasing the number of attacks after all but simply changing the days on which they attack in response to media reports.
I quickly read through the study and it seems pretty solidly researched. Perhaps a subject matter expert will find something objectionable about the methodology, but to me it looked legit.
Get ready for the PR offensive from war supporters citing this study as proof that opponents of the war who voice their dissent are unpatriotic traitors who aid and abet the terrorists. Of course, war opponents will be mounting a PR offensive of their own this week to mark the 5th anniversary of the invasion, so tempers would have been flaring anyway.
A few reactions from me after reading through the paper:
I wish they would have included Baghdad in their analysis. By omitting Baghdad, they omitted 35% of insurgent attacks, which is not an insignificant chunk of data.
The second caveat offered is key: the authors did "not take into account overall cost and benefit of public debate." The argument advanced by NY Times columnist Thomas Friedman and others, which I wholeheartedly agree with, is that debate in the United States about withdrawal keeps Iraqi leaders' feet to the fire. If they think U.S. troops might pull out soon, they have more incentive to pass important legislation and get their house in order; otherwise, when we leave, they may not be prepared to govern on their own and will have no one left to protect them.
This study provides more evidence that insurgents in Iraq (and elsewhere for that matter) are rational actors that respond to incentives and disincentives like the rest of us. Sometimes these insurgents are presented as evil Muslim caricatures in the United States, representing pure irrational evil that must be defeated by the United States in typical Manichean fashion.
Not that it's time to sit down and have tea with these guys, but by creating the right mix of military and political pressure, the United States can achieve significant victories without having to pursue a scorch the earth eradication strategy of trying to kill every single terrorist wherever they may be in the world (which sounds great politically but is a practical impossibility). So, I think this paper by Iyengar and Monten contributes something to the idea that counterinsurgency and counterterrorism operations should be modeled more on law enforcement operations than on all out state-to-state wars/invasions/occupations.
Those are just my immediate reactions. I've spoken and blogged about my opposition to the war repeatedly in the past, so I'll likely be cast as "aiding and abetting the terrorists" by this study as well. Oh, American politics.
Stakes are enormous in Iraq for McCainStory Highlights
Sen. John McCain arrived in Baghdad alongside Senate colleagues
Vice President Dick Cheney also in Iraq to meet with the country's top officials
McCain: "We are succeeding. And we can succeed" in Iraq
Next Article in Politics »
Read VIDEO
By John King
CNN Washington Bureau
BAGHDAD, Iraq (CNN) -- For a few hours on Monday, the halls of Saddam Hussein's Republican Palace -- the seat of his rule -- looked like a scene from the U.S. Capitol.
Sen. John McCain talks with CNN's John King in Baghdad on Monday.
Trademark cup of coffee in hand, Sen. John McCain of Arizona strode down the hall, then turned in to a meeting room to be joined by two legislative and political allies, Sens. Lindsey Graham of South Carolina and Joseph Lieberman of Connecticut.
A few yards away, a security detail ushered Vice President Dick Cheney, who serves as president of the Senate in his constitutional role, into another meeting.
Both the vice president and the Senate delegation were here for a firsthand look at the security and political situation in Iraq, and their agendas both included time with the U.S. commanding general as well as senior Iraqi officials. Watch more on Cheney's unannounced visit »
Their stop at the palace overlapped for about an hour, but the vice president did not interact with McCain and the other senators; Cheney arrived while McCain was sitting down for an interview with CNN and he was in a meeting with Gen. David Petreaus and U.S. Ambassador Ryan Crocker as the senators moved on to their next meeting after the interview. Watch Cheney meet with top Iraqi officials »
For McCain, the stakes are enormous. Iraq is a divisive policy fight in Congress and a huge political divide on the presidential campaign trail, where he promotes the surge policy as a success and the two remaining Democratic candidates compete for anti-war votes.
"The surge is working," McCain declared emphatically in the CNN interview, conducted on the balcony of the palace that now houses the U.S. ambassador's office. He said his view was strengthened by visits to neighborhoods in Mosul, Ramadi, Baghdad and other Iraqi cities, and by his briefings here.
Taking a position that reverberates in the campaign, McCain said U.S. troop reductions should pause once the 30,000 combat troops added for the surge are rotated back to the United States. That would leave U.S. troop levels at roughly 145,000. Watch McCain discuss the future of Iraq »
Democrats have insisted that further troop reductions should continue. But commanders in Iraq are increasingly of the view that further troop reductions could undermine recent security gains, and favor a pause to solidify their positions.
McCain said he was strongly inclined to agree.
"We probably should hold with 15 brigades for a while and see how the progress goes. There is a big fight going on up in Mosul right now and although it is progressing, I think it is al Qaeda's -- not al Qaeda's last stand, it is al Qaeda's place where they feel that they need to keep Mosul in order to survive."
While upbeat about security gains, McCain was more sober when the conversation turned to the political situation and the capabilities of the government of Prime Minister Nuri al-Maliki.
"All of us are frustrated with some of the progress they haven't made, particularly provincial elections," McCain said. "That needs to happen. The Sunni boycotted the elections last time. And now they are ready to take part in the election. Thousands of young Sunnis are now in these patriotic brigades and protecting their neighborhoods. And now they want to have representation as well."
"So they need to pass the oil revenue-sharing -- the hydrocarbon law. They need to have a better functioning government in many ways. They have got too many ministries. They have got too many bureaucracies. And rule of law is probably, if I had to set priority, frankly, the rule of law is the highest priority."
Again he states the facts are on his side, that withdrawing troops too fast would undermine the security gains and create a climate where political reforms were even more unlikely.
"We are succeeding. And we can succeed and American casualties overall are way down. That is in direct contradiction to the predictions made by the Democrats and particularly Sen. [Barack] Obama and Sen. [Hillary] Clinton.
"I will be glad to stake my campaign on the fact that this has succeeded and the American people appreciate it. Now will we be able to succeed fast enough? Will they be able to -- al Qaeda be able to come back? That is a tough question. They are on the run, but they are not defeated." E-mail to a friend
BAGHDAD, Iraq (CNN) -- Vice President Dick Cheney told reporters Monday in Baghdad that the five years in Iraq since the war's start has been "well worth the effort."
Vice President Dick Cheney talks with Gen. David Petraeus on Monday in Baghdad.
"I think it's been a difficult, challenging but nonetheless successful endeavor," Cheney said on an unannounced visit to their Iraqi capital.
"I think the president's made a number of very tough and difficult decisions that have been carried out by some extraordinarily capable people."
The vice president appeared with Gen. David Petraeus, the top U.S. commander in Iraq, and Ryan Crocker, the U.S. ambassador to the country.
He said he had met with top officials in the Iraqi government. Aides said that included Iraqi Prime Minister Nuri al-Maliki and President Jalal Talabani as well as Iraq's vice presidents and other key political leaders.
Cheney said that no decision had been made about future troop withdrawals and that President Bush would make such decisions after a briefing from officials that included Crocker and Petraeus. He said such a move would be based on conditions on the ground at the time.
Iraq, Five Years Later
CNN's award-winning reporters are on the ground in Iraq. Anderson Cooper brings you to the front lines.
Wednesday, 10 p.m. ET
see full schedule »
"I come away with a sense that there has been significant progress since I've been here 10 months ago," he said.
He also said the next U.S. president should make sure that U.S. troops remain in Iraq.
Cheney began a trip to the Middle East on Sunday with an official itinerary that listed stops in Oman, Saudi Arabia, Turkey, Israel and the West Bank, according to the White House.
The vice president was expected to discuss a number of issues during his trip, including high gasoline prices and the Israeli-Palestinian conflict.
agree totally...matter of when now man.....
McCain Trip Comes During Iraq Milestones
By RYAN LENZ
Associated Press Writer
BAGHDAD (AP) -- Sen. John McCain's trip to Iraq, which began Sunday in Baghdad, coincides with a number of milestones.
The Iraq war, to which the probable Republican presidential nominee has linked his political future, will be five years old Thursday. Around that date, the U.S. military is likely to suffer its 4,000th death in the war. And McCain's arrival Sunday coincided with the 20th anniversary of a horrific chemical weapons attack in northern Iraq.
McCain met with Deputy Prime Minister Barham Saleh and planned to meet with Gen. David Petraeus, the top U.S. commander in Iraq, according to the U.S. Embassy. Further details of McCain's visit, which had been anticipated, were not being released for security reasons, the embassy said.
Before leaving the United States, McCain, one of the foremost proponents of the March 2003 U.S.-led invasion, said the trip to the Middle East and Europe was for fact-finding purposes, not a campaign photo opportunity.
But he expressed public worries that militants in Iraq might try to influence the November general election.
"Yes, I worry about it," he said, responding to a question during a campaign appearance in Pennsylvania. "And I know they pay attention, because of the intercepts we have of their communications."
McCain, the senior Republican on the Senate Armed Services Committee, was accompanied by Sens. Joe Lieberman, an independent from Connecticut, and Lindsey Graham, R-S.C., two top supporters of his presidential ambitions.
The weeklong trip will take McCain to Israel, Britain and France, and include his first meeting with British Prime Minister Gordon Brown. He also is expected to meet with French President Nicolas Sarkozy, Israeli Prime Minister Ehud Olmert and other Israeli officials.
His focus in Iraq was thought to be the drop in sectarian violence and U.S. and civilian casualties since last summer. Exactly what was discussed, however, remained unclear since numerous telephone calls to aides traveling with McCain went unanswered.
Elsewhere, Kurds in northern Iraq commemorated the anniversary of the chemical weapons attack in Halabja, near the Iranian border, with solemn observances. The streets were empty and heavily patrolled by Iraqi security forces.
Saddam Hussein ordered the 1988 attack as part of a scorched-earth campaign to crush a Kurdish rebellion in the north, which was seen as aiding Iran near the end of its war with Iraq. Saddam was executed for other crimes against humanity before he could face trial for the attacks.
McCain's trip to Iraq is his eighth. Last November, he met with Prime Minister Nouri al-Maliki during the U.S. Thanksgiving holiday.
On a visit last April, the Arizona senator criticized news reports he said focused unfairly on violence, and said Americans were not getting a "full picture" of progress in the security crackdown in the capital.
McCain was combative toward reporters' questions in the heavily guarded Green Zone, and responded testily to a question about his comment that it was safe to walk some Baghdad streets. He later acknowledged traveling with armed U.S. military escorts.
Violence has dropped throughout the capital since, with an influx of some 30,000 additional U.S. soldiers sent to Iraq last year. The U.S. military has said attacks have fallen by about 60 percent since last February.
Still, violence continues in some parts of the country, according to reports from police officials who spoke on condition of anonymity because they weren't authorized to speak to the media.
On Sunday, a parked car bomb exploded in western Baghdad's Mansour neighborhood, killing one person and wounding two others. Two civilians and nine others were wounded in Mosul when a suicide bomber detonated his explosive vest, police said. A roadside bomb killed another person in the northwestern city.
Just outside Baqouba, the capital of restive Diyala province, three people were killed in clashes between police and a faction of radical Shiite cleric Muqtada al-Sadr's Mahdi Army, police said. In the city itself, gunmen killed a city hall employee, police said.
Police also found the bullet-riddled bodies of at least 16 people in Baghdad, Muqdadiyah, Mosul and the southern cities of Basra and Kut, where Shiite militia violence has been on the rise.
In Washington, two of McCain's colleagues who support Democrats for president, said senators - including candidate McCain - have the right to visit various parts of the world.
But, said Sen. Dianne Feinstein, D-Calif: "I think it would have probably have been better if he took members who were not so closely identified with his campaign. But this is indicated to be a congressional visit.
"Obviously the world's going to watch it, and we'll know whether it's exploited for other reasons. I don't believe it will be, but we'll see," Feinstein, who supports New York Sen. Hillary Rodham Clinton for president, said on CNN's "Late Edition." She appeared with Sen. Patrick Leahy, D-Vt., who supports Illinois Sen. Barack Obama.
Economic: Towards activating the Social Security Act
Thamer Alheims
According to the latest statistics for this year and we are in the beginning, that there million jobless people for work a few days ago and officially announced that the files economic ready to enter Iraq in the WTO MEMBERSHIP. (OWT)
At the same time there is also a complaint of making the state administrative apparatus and the public sector for reasons unknown, also stated in the preamble to the International Covenant text follows: (to allow the private sector to play a leading role in economic activity with a special role for government in regulating this activity, protection from the effects of external fluctuations) accompany each this and that grumbling from the private sector to State policies and the effects of the former central and laws that are still active so far, and need for legislation commensurate with the Decree of the State organization of this activity and protection of its importance in the fight against unemployment and within this concept is no longer the state's departments and the public sector simply receptacle to absorb unemployment, as well that this year is a year of investment and stability and therefore must for the private sector to contribute Avenue and actors in the fight against unemployment and in particular the leadership that will lead the economy does not claim that this is the speed required in order not to turn unemployment Saif projection community and the state, it is known that the private sector is now actively marked compared to the previous term, as he is not sure that the return of centralized economy and strong grip of the state and at least this guaranteed permanent constitution and thus note that the tendency of the unemployed to work towards an absolute majority at the State deported to social welfare services, and the main reasons that the unemployed looking for a guarantee in case old age and disability. The remedy to this complex phenomenon, at least to be working on activating the Social Security Act and with the support and protection and ensure the state for small and large group at ensuring that the private sector is always salary by the employer and guaranteed retirement security fund, which is a fundamental right of citizens. This guarantee in salary and retirement in private activity when they are supported by the state, better than the accumulation and slack in the organs of the state and the public sector and there is the fact that the private sector will not be eligible to enter the club of international trade at the present time without the support of the state. And the stability of posts and Mlakath without the rule of law and through civil society organizations and the private sector not turn into a mere relationship Kimberadorih any subordination of the economies of giant economies or to neighboring countries and servicing There experiments are very close to us in terms of level of economic information and political and Third World countries are Singapore, Malaysia, Turkey and the rest of Tigers Asia they Slkua these policies and imposing themselves through rational economic policies of a national energy upgrading basic living, and cultural Vktaena Special ask him the excuse that he was to tide in the latter half of last century does not expect him to play such a burden without the support and guarantee state We particularly oil country (lack of these resources and the model above) can support security funds Perhaps the best means of protection and security and to provide the proper environment for the growth of our private sector is the protection customs occasion, while passing the critical stage and standing on the feet of creative and constructive competition, which qualifies them to fill our place in the international economy globalizers and organizations, which is not easy swimming in the midst. sum up that to the fore by the private sector in the economic process to be on the State to support and activate the Social Security Act.
http://www.alsabaah.com/paper.php?so...page&sid=58788