Federal Court endorses the results of parliamentary elections
8/19/2018

The spokesman for the Federal Supreme Court Iyad Samuk, on Sunday, the ratification of the results of parliamentary elections 2018.

Samok said in a brief statement received "Trend Press" a copy of it, that the Federal Court held its session this morning in the presence of the full members, and considered the request to ratify the final results of the elections of the Iraqi Council of Representatives.

He added that the court has checked the names received from the Independent Electoral Commission for the elections accompanied by the book of 17/8/2018 After the scrutiny and deliberation on the names received and objections to some of them, the Federal Court issued its decision to ratify the names received, and issued the resolution by consensus.

http://aletejahtv.com/etejah-press/archives/237992

Bourse completes anti-money laundering and terrorist financing course

8/18/2018

With the aim of being able to deal with the best global systems
Baghdad / Hussein Thugb
The creation of human resources capable of managing money smoothly and transparently represents the most important requirements of the process of sustainable development.

The Iraqi Stock Exchange, in cooperation with ABC Consulting, concluded a training course to enable expertise to combat money laundering and terrorism financing.

Executive Director of the Iraqi Stock Exchange Taha Ahmed Abdul Salam said: "The strengthening of human capabilities is the most important requirements of the process of economic development sought by Iraq for the next stage," pointing out that "the reality of the Iraqi economy requires a large workload commensurate with the enormous resources and jobs that attract Major international companies, "noting that" this requires an effective market for securities and human resources have the ability to manage technology.

" The volume of transactions added that "the requirements of development represented by the existence of an effective stock exchange and human competencies with a high degree of expertise represent the most interest of the management of the market,"

noting that "the volume of future transactions led us to organize specialized courses in the most important joints of the management of the financial sector, to make operations managed with high transparency And in accordance with regular international contexts away from all forms of manipulation. " Awareness Plans

He pointed out that "the participation of specialized institutions in securities in the course organized in two stages in the Iraqi market for securities comes in conjunction with plans to spread the culture of investment in securities and awareness plans of the rules of due diligence for securities traders
."

The local bourse continues to seek to adopt the best trading systems in the world, the latest electronic query that the local stock market can offer services rise to the global system, which facilitates direct communication with the investor.

" Enable resources

"The empowerment of human resources comes with positive results that will lead to improved performance within the financial institutions, which led the company and the stock exchange to cooperate in organizing this course, which targeted about 70 employees from the Iraqi Stock Exchange and brokerage companies, And trading companies to raise their job capacity and enable them to work on the systems developed by the world in the past period, which is in
continuous development .

He pointed out that "the importance of our institutions to have plans to keep pace with the new systems of the global financial market, and that we have an effective stock market commensurate with Iraq’s economic expectations and expectations that confirm the possession of the elements that make it the eighth tiger at the level
of global economies.

" Best practices between Hamid "The main goals are
B) Developing the knowledge of the participants in the fight against money laundering and the financing of terrorism according to the latest amendments, informing the participants of the best practices in combating them, presenting a number of practical cases that occurred in the Arab and international countries,

and informing the participants about the red indicators of money laundering and terrorist financing. , as well as introduce them based risk assessment methodology , "stressing" the participants were trained on the preparation of the program – based methodology
to risk assessment.

"He noted that" the training program topics included anti – money laundering and the financing of terrorism Law No. 39 for 2015, and due diligence guide issued by the Securities Commission, and the guide for reporting money laundering. "

http://www.alsabaah.iq/ArticleShow.aspx?ID=161920

The prison sentence of 24 billion dinars

8/17/2018
The Department of Investigation of the Integrity Commission, on Thursday, the issuance of the Criminal Court on the issues of integrity in Baghdad, a ruling in absentia, the imprisonment of two employees of the Ministry of Health in the province of Salah al-Din; to deliberately cause damage to public money amounted to 24 billion dinars.


The Department said in a statement that the convicted fugitives who were working in the Department of Health Salahaddin province, in agreement with other defendants separated cases, embezzled the amount of twenty-four billion dinars, which was intended to support the displaced, explaining that one of the convicts is a member of the committees implemented projects supported ,

While the other convict acted as a mediator between the former governor and the owners of banking companies; for the purpose of transferring the misappropriated amounts.


The Court had reached the conviction that the accused had been convicted in accordance with the provisions of article 316 of the Penal Code and articles 289 and 298, and sentenced to seven years’ imprisonment after having heard the statements of the legal representative of the Ministry of Health, As well as witness testimony, as well as the presumption of escape of the accused.


The decision of the verdict includes the issuance of an arrest warrant against the convicted persons, the fundamentalist search of their rights, support for the seizure of their movable and immovable property, and the right to seek compensation before the civil courts after the ruling has been decided.


The Integrity Commission has announced on the seventh of this month the issuance of the Criminal Court on the issues of integrity in Baghdad in absentia sentenced to three members of the Ministry of Health; to cause them to cause damage to the value of about 13 billion dinars with the money of the body where they were working.

https://www.sotaliraq.com/2018/08/17…6%D8%A7%D8%B1/

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th Aug 2018).

Note: ISX will be closed starting from Aug. 21, 2018 to Aug. 26, 2018 due to the religious holiday of Eid Al-Adha. The next session will be held on Monday, Aug. 27, 2018.

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD729 (.1.9%) / $779 (-2.3%) (weekly change) (-10.1% and -6.8% YTD change, respectively). The number of week traded shares was 22.1bn and the weekly trading volume was IQD8.9bn ($7.4 mn).

ISX Company Announcements

  • Chairman of Iraqi Securities Commission (ISC), Abdul Razzaq Al-Saadi, said during an interview with newspaper Al Sabah that the obstacles of the work of the Commission is the absence of a modern law that suits the international laws, so the Commission has worked to prepare a law for it, and has completed 85% of it. He stated that within six months the law will be completed and sent to the House of Representatives. He pointed out that this law allows the development of work and the adoption of new systems, most importantly corporate governance, which are the most important pillars to attract foreign investors. (ISC)
  • The Central Bank of Iraq (CBI) has been awarded the ISO 9001: 2015 certification in the Quality Management System (LMS Certification) by the British LMS Certification. (CBI)
  • Al-Zawraa for Financial Investment (VZAF) will hold an AGM* on Sep. 25, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of VZAF starting Sep. 20, 2018.
  • Bank of Baghdad (BBOB) will hold an AGM* on Sep. 17, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BBOB starting Sep. 11, 2018.
  • Al -Hilal Industries (IHLI) will hold an AGM* on Sep. 9, 2018 to discuss and approve 2016 annual financial results. The company has been suspended from trading since Jul. 4, 2018 by an ISC decision.
  • Modern Chemical Industries (IMCI) will hold an AGM* on Aug. 31, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of IMCI starting Aug. 28, 2018.
  • Region Trade Bank for Investment and Finance (BTRB) will hold an AGM* on Aug. 29, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BTRB starting Aug. 20, 2018.
  • Iraqi Engineering Works (IIEW) will resume trading on Aug. 19, 2018 because the company fulfilled ISX request to disclose its 2017 annual financial results.
  • Al-Khair Finacial Inv. (VKHF) will hold an AGM* on Aug. 28 to discuss and approve 2015 and 2016 annual financial results and to elect five new original and alternative BoDs. The company has been suspended since Jul. 6, 2017 by an ISC decision.
  • Modern Sewing (IMOS) resumed trading on Aug. 13, 2018 after discussing and approving 2017 annual financial results and to distribute 15% cash dividend (IQD0.15 dividend per share, 3.2% dividend yield).
  • ISX announced that Trust International Islamic Bank (BTRU), having a capital of IQD250 bn paid-in capital, has completed the listing procedures. BTRU started trading in the non-regular market starting Aug. 12, 2018.
  • Cross Transactions: 18.7 bn shares of Al-Noor for Money Transfer Co. (MTNN) on Aug. 15, 2018, which represents 41.6% of MTNN capital.

By Ahmed Mousa Jiyad.

Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

Below is the full Arabic text and source of what was reportedly said by Abdul Alal AL-Yassiry, the Chairman of the Iraqi Centre for Economic and Investment Consultation in Karbala.

What prompts me to write this commentary is only the inaccuracy of data and information he cited regarding SOMO. In other words I am not defending SOMO; its staff can and should defend themselves. Also, I am not discussing here the corruption issue, which undoubtedly and emphatically plaguing Iraq, particularly by the political parties and provincial councils; these can be discussed separately.

I will provide what he says then make my comment.

First; He says “SOMO sales 4 million barrels daily-4mbd”!

Official data does not support this assertion at all; oil exports by SOMO during the last ten years increased from 1.879 mbd during July 2008 to 3.543 mbd in July 2018. Hence, his figure is absolutely incorrect.

Second; He also says “SOMO sales oil to the companies at $10 discount of the bourse price; this is called commission”.

This is also incorrect for the following reasons;

  1. SOMO does not sale all its oil through bourse (stock exchange) or according to bourse prices; however, SOMO sold a few shipments, of 2 million barrels each, through Dubai Mercantile Exchange-DME auctions since April 2017;
  2. SOMO’s marketing procedure and modality is primarily based on annually arranged “Term Contract” and the monthly export price is decided by a ministerial committee using at least three pricing equations for the three major market destinations (North America, Europe and east Asia) with different marker crudes taking into consideration the quality of the crude (API) and, specifically, sulphur contents;
  3. I have been following SOMO for years and never observed such discounts or “commission” of $10 a barrel! Between January 2016 and June 2017 oil export price for a barrel ranged between $22.21 and $42.2; can anyone believe or imagen that SOMO gives 45% and 23.7% of its officially adopted and declared price that easy without causing devastating outcry against it and the Ministry of Oil!!!

Third; in his explanation or justification for this “commission” it “compensates loading loses and what is known vaporisation”

Actual loading of oil into the tanker is rather rigorous operation done in the presence of the “measurement committee” and after issuing at least 13 different certificates; then SOC/now Basra Oil Company-BOC submits all these certificates to SOMO before loading oil to the tanker takes place.

Nothing in these certificates refers to vaporisation that justifies such huge discount or commission. Moreover, neither oil chemistry nor different metering instruments support his claims.

Fourth; Then he asserts, “What is important, these companies came through the political parties”

According to Iraqi and international data the annual number of companies that buy Iraqi oil- international oil buyers-IOBs during the last 15 years ranges between 34 to 45 IOBs. Most of these IOBs are well known and many of them were also SOMO’ clients well prior to 2003.

Therefore, to claim that these IOBs came through the political parties is, apart from been erroneous, it elevates the international networking and impacts of these political parties, which is laughable, but, more seriously, accuse these IOBs with “collusion”, which renders him subject to legal action.

Moreover, all IEITI annual reports (prepared by different international specialised firms) provide, among others, reconciliation of oil export revenues paid by IOBs, received by SOMO and deposited in a New York bank, and provide explanation of any discrepancies over small “materiality threshold”. None of these reports provide any information supportive of his allegations.

Fifth; He alleged that, “the political parties take $2 a barrel from that commission while the companies keep the $8”

But he did not explain or tell:

  1. When, where and how this 2:8 split of the commission was agreed between all political parties and all IOBs;
  2. Was SOMO involved in that agreement?
  3. Oil exports occur through many shipments to each IOB for each year, so what are the modalities each political party uses to secure its share from the commission for each shipment?
  4. What are the modalities for actual payments from each IOB to each political party; to which banks these payments were transferred and deposited and what are the material evidences for such payments etc.?
  5. How come there was no discrepancy in distributing that commission as if all political parties and all IOBs work in perfect harmony!!

From and based on the above comments I conclude:

  1. His knowledge and understanding of oil export system need serious revision and improvement;
  2. Allegations he made are very serious indeed and without strong, emphatic evidence, he could face legal action by SOMO/Ministry of Oil, each political party and each IOB;
  3. As he is the chairman of a consulting centre, what he had said undermines, damage and tarnish the credibility, objectivity and professionalism of his centre.

Ahmed Mousa Jiyad,

Iraq/ Development Consultancy & Research,

Norway.

12 August 2018

—————–

11-08-2018  23:57  0  1102

اقتصادي عراقي :هكذا تستحصل احزاب السلطة بالعراق على الاموال

يرى رئيس المركز العراقي للاستشارات الاقتصادية والاستثمارية في كربلاء ان رواتب مجلس النواب ومجالس المحافظات لا تساوي جميعها  ارباح يوم واحد من الكومشن الذي تتقاضاها  احزاب السلطة  من البنك المركزي ووزارة النفط  مبينا  ان الانتخابات في ظل نفس الشخوص والرموز الحزبية والجهوية معناه بقاء كل شيء على ما هو عليه.

بين عبد العال الياسري لوكالة نون الخبرية بأمثلة والأرقام عن كمية المبالغ المستحصلة بطرق مختلفة بقوله ان  كل الاحزاب لديها مصارف اهلية وقد تقاسمت مبيعات البنك المركزي العراقي من الدولار حيث يباع يوميا من ١٥٠ الى ٢٠٠ مليون دولار بسعر ١١٨ الف دينار في حين وصل سعره بالسوق التجاريه الى معدل ١٢٧ الف وبعمليه حسابيه بسيطه فان معدل ارباحهم من ٥ الى ٨ مليون دولار يوميا!!! اي ١٥٠ مليون دولار شهريا ولا يقل عن ٥٠٠ مليون سنويا وبدون اي تعب فقط فواتير مزوره” , فضلا عن المنافذ الحدوديه وسيطره الصفره.

وأضاف مثلا اخر وهي شركة سومو النفط والتي تبيع يوميا ٤ مليون برميل نقط للشركات حسب سعر البورصه ناقص ١٠ دولار هو مايطلق عليه الكومشين هو مبلغ يعطى للشركات كتعويض للضائعات اثناء التحميل وما يعرف بالتبخر.المهم هذه الشركات جاءت عن طريق احزاب السلطه وهي تستوفي دولارين من الكومشن من تلك الشركات وهي تعطيها بكل سرور لانها رابحه ٨ دولارات وبحسبه بسيطه ٢٤ مليون برميل =٨ مليون دولار أرباح الاحزاب الحاكمه.

واختتم الياسري الذي كان يشغل منصب رئيس مجلس محافظة كربلاء سابقا حديثه ان من يعتقد ان مجالس المحافظات هي الممول للأحزاب الحاكمة فهو غير مدرك للامور فما تصرفه تلك المجالس ليست سوى نقطه في بحر ما تدره العاصمة لتلك الأحزاب“.

اسامة الخفاجي

http://www.non14.net/102748/

Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here.

Iranian traders buy dollars from Iraq to circumvent US sanctions
8/12/2018

Iranian traders have begun to accumulate foreign currency, especially the dollar, from Iraqi markets to circumvent US sanctions on Iran. These practices have led to a decline in the Iraqi dinar against the US dollar.

According to press reports, Iran is again trying to circumvent US sanctions, this time through Iraq and the means to buy the US dollar from Iraqi loot, and the aim is to face the deficit and economic collapse in Iran after Washington’s ban on the exchange of the dollar with the Iranian government.

The Iraqi dinar saw a decline in the exchange rate against the dollar after withdrawals from the markets, while economists attributed the reason for the decline of the Iraqi currency to buy Iranian traders through their agents in Iraq hard currency markets.

Experts in the Iraqi government called for the need to take quick steps to prevent the Iraqi currency from falling against the dollar, pointing out that this Iranian method is not new to circumvent US sanctions on Iran through Iraq.

The regime followed suit in Iran before reaching a nuclear deal with the West in 2015, specifically in 2009, after Western sanctions on Tehran over its nuclear program intensified.

The Iranian government is exploiting the situation in Iraq through loyalists to be an outlet to ease the sanctions and provide foreign commissions and gold and make Iraq a market for Iranian goods.

http://sumer.news/ar/news/29139/%D8%AA%D8%AC%D8%A7%D8%B1-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86%D9%8A%D9%88%D9%86-%D9%8A%D8%B4%D8%AA%D8%B1%D9%88%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%84%D9%84%D8%A7%D9%84%D8%AA%D9%81%D8%A7%D9%81-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%B9%D9%82%D9%88%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D 8%A9

Prime Minister Nechirvan Barzani chaired the 49th regular session of the Council of Ministers on Tuesday. It was also attended by Deputy Prime Minister Qubad Talabani.

Prime Minister Barzani briefed the Council about his recent visit to Baghdad and meeting with Prime Minister Haider al-Abadi. He said, they agreed to continue dialogue and coordination and demanded implementation of the Iraqi Council of Representatives decision to unify salaries and privileges of the families of the martyrs and Anfal victims in the Region with those of their counterparts in the federal government. They also discussed reopening the Erbil-Kirkuk road and the readiness of the KRG to export Kirkuk oil.

Regarding the new Iraqi government, Prime Minister Barzani emphasized the KRG has no veto against anyone. While protecting common interests, he said what is important to the Kurdistan Region is the new government’s programme that would help to materialize the rights and the constitutional authorities of the Kurdistan Region.

Minister of Martyrs and Anfal Affairs Mahmood Haji Salih and Secretary of the Council of Ministers Dr. Amanj Rahim presented a report on the latest developments in the effort towards international recognition of the crimes committed by ISIS against Yezidis and other ethnic and religious communities as genocide, and on UN Security Council’s Resolution 2379 to form a team to investigate this situation.

The Council of Ministers affirmed the Security Council Resolution to be an important step towards recognizing these crimes as genocide. The Council of Ministers assigned the High Commission on Recognition of ISIS Crimes as Genocide to coordinate with the international team.

Prime Minister Barzani instructed the commission to deliver to the UN team all evidence collected during the past four years about crimes against humanity and acts of genocide directed at Yezidis, Christians, and all other communities to apply justice to perpetrators to the full extent of the law and to compensate the victims and their families.

The Council of Ministers called on the Iraqi federal government to take into account the involvement of legal practitioners, experts, and other representatives of the Kurdistan Region in the implementation of the Security Council Resolution.

The Council of Ministers re-emphasized its policy that protects religious rights and freedoms as basic principles of human rights, believes a nation’s strength lies in its diversity, and that the KRG will continue to endeavor to make the Kurdistan Region a safe place for all members of society.

2019 budget draft

The Council of Ministers also discussed the 2019 budget draft. KRG Minister of Finance and Economy, Rebaz Hamlan, presented a report on the 2019 budget draft, a process suspended since 2014 due to the financial crisis. He informed about steps being taken to estimate general revenues and expenditures in collaboration with ministries.

The Council of Ministers expressed its support and called upon all ministers to coordinate with the Ministry of Finance and Economy as well as the Ministry of Planning.

In a press conference after the meeting, Prime Minister Barzani briefed the media on latest development in the region.

Regarding reports suggesting that US Special Envoy Brett McGurk urged postponement of the September 30th Kurdistan election, Prime Minister Barzani stated, “There is nothing like that. He hasn’t discussed this issue with us. What has been discussed is whether elections will be held or not. Yes, they will be held on time. No talk of postponing elections by Mr. Brett McGurk with us has happened. Up to the moment, no political party in Kurdistan Region has asked that the September 30th elections be postponed. If I speak as the KDP, we from the Kurdistan Democratic Party emphasize that elections need to be held at their scheduled time.”

About negotiations with Baghdad on various issues, Prime Minister Barzani said, “There are some principles important in negotiations with Baghdad. It is very important for the people of Kurdistan and for all parties to jointly participate in this process. Serious talks will begin after manual vote counting is concluded and the results are officially confirmed and announced by the Iraqi Federal Court.

Regarding trade between the Kurdistan Region and Islamic Republic of Iran after the sanctions were reimposed on Iran by the US Government, Prime Minister Barzani said, “Until now, the sanctions are not clear to us. But certainly, the Kurdistan Region will take steps within the framework and position of Iraq. We asked the US and talked with Baghdad to make it clear to us. We asked and await the US to send a delegation to explain what exactly should and should not be done.”

Regarding the Rosneft agreement and any tension with Baghdad, he said, “What we have done with Rosneft is a commercial matter. Our contracts are within the framework of the Iraqi Constitution.” He also said, “Now that Baghdad can’t practically export Kirkuk oil, which is about 250 to 300 thousand barrels per day, we have told them we are ready to facilitate export to Ceyhan port where Iraq’s State Oil Marketing Organization, SOMO, can sell the oil and, of course, all revenue will be for all Iraq.

(Source: KRG)

Expert: The ratification of the results of parliamentary elections takes 21 days
8/11/2018

BAGHDAD / The legal expert,
Tariq Harb, said on Saturday that the duration of ratification of the election results takes 21 days, indicating that it can not be approved without completing the stages of complaint and appeal.


"The results of the elections may not be approved by the Federal Court until after the completion of the two stages of the complaint by the losers who will be presented to the Commission," Harb told Iraq News.

He pointed out that "after the results of the Commission on the complaint of the candidates, Submit an appeal against these findings to the Judicial Committee ".


He added that "after the decision of the Judicial Committee, on the appeal, send lists to the Federal Supreme Court for the purpose of ratification, and this process takes 15 days if the utilization of the week of Eid, but in the case of leniency and slow, it takes 21 days until the approval of the results."


It is noteworthy that the judiciary in charge of the administration of the Electoral Commission announced last Thursday evening the results of counting and final hand counting in all governorates of Iraq. "

http://aynaliraqnews.com/index.php?aa=news&id22=103072

The Board of Commissioners of the assigned judges will receive appeals from tomorrow
8/11/2018

BAGHDAD / The Electoral
Commission announced on Saturday that the Board of Commissioners of the judges assigned to receive appeals for three days starting tomorrow.


"The Board of Commissioners of the assigned judges receives the appeals of the results of the elections announced by the Council last Thursday," the official spokesperson of the Electoral Commission, Judge Laith Jabr Hamza, said in a press statement.


Hamza added that "the Board of Commissioners will receive appeals starting Sunday, 12/8/2018 for three days, and according to the laws and procedures adopted on this subject."


The Board of Commissioners of the judges assigned on Thursday (August 9, 2018) announced the final results of the counting and manual counting of the centers and stations for which complaints and appeals were received for the provinces of Iraq and the elections abroad.

http://aynaliraqnews.com/index.php?aa=news&id22=103083

Disclosure of non-winning 3 candidates and the rise of a candidate in counting and sorting
8/10/2018



A source in the Electoral Commission, the failure to win three candidates after the end of the process of manual counting and sorting of the partial results of the ballot boxes contested.

The source said that "the leader of the National Coalition Speaker of the House of Representatives Salim Jubouri, the leader of the Iraqi decision coalition Salman Jumaili, and the head of the list of solution Mohammed Karbouli, and candidate Ali Alsjeri did not win the results of the parliamentary elections after the counting process.

He added that "Al-Fath Alliance won a new seat after the counting and the winning candidate Mohammed Al-Daraji."

He pointed out that "is scheduled to issue a statement on Thursday evening on the Electoral Commission administered by the Council of Judges assigned with the results of counting and sorting and will be posted on the website of the Commission."

"The results will be received from Friday," he said

http://www.alrai-iq.com/2018/08/10/406413/