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US Cannot Account for $8.7 Billion in Iraqi Funds

   VOA News 27 July 2010

   An  auditor says the U.S. Department of Defense cannot account for how
   $8.7 billion in Iraqi oil revenues have been spent.

   The audit of a $9.1 billion fund shows the Pentagon failed to properly
   create bank accounts for a bulk of the money, which it controlled from
   2004 to 2007. The money was meant for reconstruction efforts.

   Without  those accounts, the auditor says the money became "vulnerable
   to inappropriate uses and undetected losses."

   The report does not allege any fraudulent activity.

   Of  the $8.7 billion that was not handled properly, the audit says the
   military failed to provide any records for $2.7 billion.

   The  Pentagon has vowed to change its accounting practices in response
   to the audit.

   The  U.S.  still holds more than $34 million in the fund, which it was
   supposed to return to Iraqi control in 2007.

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