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| Europe |
| Deutsche Bank seized Saddam millions |
| 2004-07-06 |
| Follow the money...where did it go? Germany’s Deutsche Bank took advantage of a legal loophole last year to seize USD 28 million (EUR 23 million) from an Italian account held by Saddam Hussein, according to a German news report. The money had been deposited by Saddam in 1990 with Deutsche Bank SpA, an Italian subsidiary of the Frankfurt-based bank, said the report in Der Spiegel news magazine. Under terms of UN Security Council resolutions, all of Saddam’s money was frozen awaiting the setting up of a post-war development fund for Iraq. However, Deutsche Bank took advantage of a European Union (EU) regulation allowing banks to seize otherwise frozen accounts for payment of back debts. That allowed Deutsche Bank to put the USD 28 million toward USD 150 million in back debts, Whose back debts? according to the report, which hit newsstands on Monday. The transaction was rushed through last 22 September, ahead of new EU regulations that took effect on 16 October effectively closing the loophole. |
| Posted by:Seafarious |
| #5 Hell, this is just bizness. |
| Posted by: Shipman 2004-07-06 6:04:34 PM |
| #4 They have had much prior practice in freezing and seizing assets... _________________borgboy |
| Posted by: borgboy 2004-07-06 3:57:45 PM |
| #3 You didn't think that Germany just donated the poison gas making equipment to Saddam, did you? |
| Posted by: RWV 2004-07-06 2:33:50 PM |
| #2 Under terms of UN Security Council resolutions, all of Saddam’s money was frozen awaiting the setting up of a post-war development fund for Iraq. However, Deutsche Bank took advantage of a European Union (EU) regulation allowing banks to seize otherwise frozen accounts for payment of back debts... How many pre-war cries were there from Europe about how America was only in it for the money? How do you spell hypocrites in German? |
| Posted by: jules 187 2004-07-06 11:26:19 AM |
| #1 Inmates running asylum. |
| Posted by: Capt America 2004-07-06 2:33:52 AM |